How is a vendor credit memo processed and deducted from payment in Banner at the University of Illinois?
A. A vendor credit memo for the return or adjustment of goods or services previously invoiced is processed following the same procedures as an invoice with the exception of marking the “Credit Memo” check box on the transaction. The Accounts Payable system maintains a running total of all invoice and credit transactions processed against a single Vendor ID/Address combination regardless of the originating encumbrance, department, or campus location. Payment is issued when the accumulated invoice payment amounts exceed the credits for a single Vendor ID/Address combination. The payment remittance advice lists all invoice and credit transactions included in the net total of the payment. If the credit received completes the outstanding business for a vendor, the credit is processed until a refund can be requested and received for deposit.
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