Overview
This procedure outlines how the library works with URI Accounting or Library Admin to apply credit memos from vendors to outstanding invoices.
Credit memos are handled differently depending on whether the original payment was paid through an LVPO or an Invoice Voucher.
For how to post credit memos in Alma and how to save a copy of the credit memo and record the credit on the credit spreadsheet, see the procedure "Posting a credit in Alma".
Identify the original invoice for which the credit memo was issued
Credit memos usually just say what they were for, for example a canceled title. They don't always identify the invoice that the item was originally paid on.
We need to identify the original invoice that is being credited, and if it was paid on an LVPO or an Invoice Voucher.
The easiest way to do this is to note the original invoice number from the Invoice Lines section of the POL.
Then look up the invoice on our invoice spreadsheet and/or in the GoogleDrive folder where we keep the invoices.
The amount of the invoice (under $5,000 is LVPO, over $5,000 is Invoice Voucher) and our records will determine how the invoice was paid.
If the original invoice was paid on an LVPO
If the original invoice was paid on an LVPO, send the credit memo to URI Accounting for their use.
Per correspondence with URI Accounts Payable on April 10, 2020 and on May 6, 2021, email or mail the credit memo to URI Accounting at aprec@etal.uri.edu.
Include the PO number of the original invoice that was paid, on which the item was credited. (This is not the PO that the credit will be used on.)
Include the Chartfield String of the credited item.
If we don't anticipate another invoice from the vendor in the near future, let Accounting know so that they can ask the vendor for a refund check.
Example email:
Dear URI Accounting,
Please find attached a credit memo from GOBI: GOBI_CREDIT_816018.pdf.
This is for an item originally paid with PO 0000174563 on CFS FY2021 5432-100-3301-2564.
We should be receiving new invoices from this vendor soon. [[[Or, we do not anticipate receiving another invoice from this vendor within the next several months.]]]
Thank you.
If the original invoice was paid on an Invoice Voucher
If the original invoice was paid on an Invoice Voucher, send the credit memo to Adrienne and Irene in Library Administration.
Include information about expected upcoming purchases from the same vendor.
For example, if the credit memo comes from a vendor who only sends us one invoice a year, we would say that we don't anticipate another invoice from this vendor until [month].
As another example, if the credit memo comes from EBSCO or Lyrasis, we would say that we anticipate additional invoices soon to which the credit could be applied.
If the credit memo is, for some reason, very large, indicate whether or not we expect an upcoming invoice large enough to be able to apply the credit memo.
Library Admin will then determine how to handle the credit on a case-by-case basis.
Upcoming changes
A new procurement system will be implemented sometime in FY2025, so all of our procedures might change at this point.
Adrienne has reached out to URI Purchasing for more information. They informed us they are working with a pilot group and will get back to us in FY2025.