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to your customer months after your invoice has been paid, accounting periods have been closed and information has been archived?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.

In order to provide more options in issuing credits to your customers, Project Partners has developed Project Partners Invoicing. This invoicing solution offers three main features

1)     Invoice Consolidation
2)     Invoice Formatting (both discussed in previous blogs) and
3)     Enhanced Credit Memos (discussed here).

Enhanced Credit Memos provides greater flexibility for issuing credits to your project customers. You can choose to issue credit memos as either stand-alone credits or include them in your next regular invoice run for the customer; there is no need for the credit to be issued against its original invoice. Credits can also be consolidated together into a single on-account credit or consolidated together and included in the next invoice run by utilizing the Invoice Consolidation feature also included with Project Partners Invoicing.

Using Project Partners Enhanced Credit Memo functionality does not alter any of your data in Oracle Projects or Oracle Receivables and is quick and easy to setup. You are provide with a profile option, allowing you to choose how to handle your credits to best meet the needs of the way you do business. These options include: the default Oracle Projects’ credit memo option, the standalone credit option, or the option to process your credits together with your current draft invoices. These options can be determined during implementation and can also be overridden at the project level through the use of project classifications. In addition, you can optionally use the credit memo extension provided to give you total custom control over how you handle credits within your company.

Enhanced Credit Memos is yet another solution delivered via Project Partners Invoicing, to help make project billing easy. Learn more: http://www.projectp.com/products/invoicing.php