Raising a credit note

When an invoice has been processed, adjustments can only be made by raising a credit note.

A credit note may be raised to:

• Record the return of goods or services
• Record a reduction in the amount of the invoice
• Record difference on exchange for foreign currency transactions
• To cancel an invoice raised for an incorrect amount or other data entry error
• To write off bad debt (undertaken by Revenue Services only)

A Credit Note Request form must be completed before a credit note is raised. The Credit Note Request form must include the original invoice number and the reason for the adjustment. These details must be entered in PeopleSoft.

Refer to the Finance and Accounting Manual’s Trade Debtors Procedures - Accounts Receivable for more information about raising credit notes.