How to Setup and Create Credit Memos in Receivables [Video]
(Doc ID 215373.1)
Last updated on SEPTEMBER 25, 2020
Oracle Receivables - Version 11.5.0 and later Information in this document applies to any platform.
Form:ARXTWMAI.FMB - Transactions
Form:RAXSUMSC.FMB - Define Invoice Sources
Executable:RAXTRX - Autoinvoice Import Program
Credit memos are created to reduce the balance due for a transaction. When you credit a transaction, Receivables creates the appropriate accounting entries and reverses any sales credit assigned to your salespeople.
There are 2 types of Credit Memos:
On-Account Credit Memos which are created independent of a transaction. These maintain an open credit balance that is waiting to be applied to a customer's outstanding balance
Applied Credit Memos which are created in reference to an existing transaction. The credit amount is applied against Invoices, Debit Memos, or Commitments impacting freight as well as invoice lines
You can create both types of credit memos:
Manually - via the Transactions workbench
Automatically - via AutoInvoice
This note discusses the setup steps and how to create and apply credit memos.
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