Payee Credit Note

Payee Credit Note

A Payee Credit Note is used to record credits issued by a payee. The payee can be any authority, like tax authority, property manager, internet provider or advertisement company etc.,
The Payee credit note can be adjusted against future payments instead of being refunded immediately. This helps businesses to track, organize and reuse the credit notes in a more structured manner. 

Example : Internet Service – $1000 per monthThe Internet was down for several days and the provider issued a credit note of $200 instead of cash refund.

Now with AltheaSuite you will be able to record the credit note in the system and easily adjust during the next payment.

STEP 1 : Create a Payee

• Navigate to Finance Books 
• Click on Payees 
• Click on the New to add new 

To know more about Payee, please see the tutorial : https://www.altheasuite.com/tutorials/how-to-add-a-payee/

STEP 2 : Create a Payee Credit Note

• Click on Payee Credit Notes under Finance Books. 

Click on New to create a Payee Credit Note.

In the Payee Credit Note screen,

• Select the Payee.
• Select the credit and debit accounts.
• Enter the payment amount that you received in the credit note.
• Enter the note if required.

Note: The system creates financial transactions for the Credit Note document created.

Step 3 : Payee Credit Note Document

All created Credit note documents created will be seen in the Payee Credit Notes section, under Finance Books

Note : In case of any misentry, delete the document and create a new one. Click on the three dots seen on the left side of each document for the options and then select the Delete option.

Part 2 : How to use Payee Credit Note for Bill Payments

Enabling the Bill Payment setting ‘Use 2 Step Financial Transactions for bill payments’. The Payee Credit Notes can be used for the payments only when this setting is enabled.
For more details on the 2 step financial transactions, please refer the link: https://www.altheasuite.com/tutorials/bill-payment-settings/

Step 4 : Create the Bill Payment

• Navigate to Finance Books. 
• Click on Bill Payments.

• Click on New

• Select the Payee.
• Select the accounts for credit and debit.
• Enter the payment amount and click on Record Expense.

• Record Expense will create a document in the Bill Payments section.

Step 5 : Complete Bill Payment

• Select the document and then click on the 3 dots –  Mark As Complete.

• The Complete Payment Detail screen will open.
• You will see the Payee Credit Note document under the Payee Credit Notes section. Check the checkbox to use the credit note for payment.
• Click on Pay.

• The system will create financial transactions for the payments against the payee credit note.