Receiving and applying credit notes has always been an accounting task that, if it is not handled properly, can lead to incorrect payments and unnecessary time spent on account reconciliation. With Corpay One, you can add and apply credit notes easily and accurately!
1. Add a credit note to Corpay One
First, add the credit note to Corpay One using one of the methods described here.
2. Apply the credit note to an invoice
1. To apply the credit note to an invoice - that is, to deduct the credit note's amount from the invoice's payment amount - find the invoice, click the three dots on the invoice, and then select Apply credit note:
2. A list of all available credit notes in your company now appears on the right. The list is automatically filtered by the invoice's vendor and shows only credit notes that have not been applied yet:
When you click on the left-hand side of a credit note, you select that credit note to be applied to the invoice.
In the Remaining column, you can see what the credit note's amount is after it has been applied to the invoice. If the credit note has been applied to another invoice earlier, the remaining amount after that is shown here as well.
In the Used column, you can see how large an amount has been applied to the invoice.
Below the list, you can see what the invoice's payment amount changes to, and what the credit note's amount is once it has been applied.
3. Once you have selected the credit note you want from the list and clicked Save, the invoice's amount is updated with the credit note's amount deducted. You can also see the credit note or credit notes applied to the invoice under Activity:
If the credit note's amount is lower than the invoice's amount, the invoice's remaining payment amount can be paid as usual, or another credit note can be applied to the invoice.
If the credit note's amount is equal to the invoice's amount, the invoice's payment amount is DKK 0.00, and the invoice can no longer be paid. Instead, it can be marked as paid.
If the credit note's amount is higher than the invoice's amount, the invoice's payment amount is DKK 0.00, and the invoice can no longer be paid. Instead, it can be marked as paid. The remaining amount on the credit note can be applied to a new invoice from the same vendor.
💡 Note!
A credit note can only be applied to an invoice if the invoice is on the Pending or Unpaid tab.