Project Partners Blog

The need to issue a credit memo is common everyday practice for all companies. When the invoice being credited is recent, or the credit is an easy one-to-one (credit memo to invoice) match, this process should be fairly simple. But what happens when you need to issue a credit to your customer months after your invoice has been paid, accounting periods have been closed and information has been archived? What if you need to issue an on-account credit not associated with any particular invoice but rather just a credit to the customer or a credit to the project? What if you want to issue a credit along with your current draft invoices rather than for the original paid invoice? Using standard functionality in Oracle Projects, all credit memos created, whether for canceling an invoice or for correcting an item on a previous invoice, are handled by creating a credit memo that can only be applied against the original invoice. This happens even if the original invoice has already been paid. There is little flexibility in issuing credits not directly associated with the original invoice. Read the rest of this entry »