Processing credit memos efficiently

November 9, 2020

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Q.¬†We receive thousands of credit memos from suppliers every year for PO-related transactions, and we are spending a significant amount of time researching and clarifying the reason for the credit as well as finding the corresponding debit in our system before we can process it. With all of that said, is there an efficient way to process credits such that they are able to be processed within the same month in which they were submitted? A. (Answered by IOFM Senior Trainer Judy Bicking) In my…

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Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know. 
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