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I received a Credit Memo (CM), or Debit Memo (DM). How do I make the adjustment?

April 26, 2017adjustment CM credit Debit DM memo received

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I received a Credit Memo (CM), or Debit Memo (DM). How do I make the adjustment?

2 Answers

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You may take the adjustment with your next monthly payroll remittance. Report the memo amount on line 13 of the Teacher Plan Monthly Payroll Summary Report form. Do not report the difference within your monthly detail information. The detail should reflect only the Earnable Compensation or Employee Contributions for the month in which you are reporting. Be sure to reference the CM or DM number on that same line, #13.

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You will need to make the adjustment with your next monthly payroll remittance. You will report the Credit and/or Debit on the Monthly Payroll Summary Report only in box 13 (and box 14 if you are making more than one adjustment). Do not report the difference within your monthly detail information. The detail should reflect only the Earnable Compensation or Employee Contributions for the month in which you are reporting. Additionally, please reference the CM or DM number on that same line 13.