A credit memo can be issued by the supplier due to :
Contact the vendor and request a credit memo or refund. A credit memo will be used against future payments to that vendor and should be routed to Accounts Payable Box 351130. Advise the vendor to reference the Purchase Order number on all correspondence, checks or credit memos.
Credit memos should include the following information:
- UW Purchase Order number
- Credit Memo number
- Credit Memo date
- Detailed item description (as described on the PO)
- Reference to the original invoice number
- UW customer contact information (person who placed the order
- Address the items were shipped to
How Credit Memos are processed:
Credit memos are processed separately from invoices. Credit memos are applied directly to the original invoice that was paid to the vendor. The credit will show on the vendor's account. Once credit memos have been processed, they will be applied to the next payment made to the vendor. If no further payments are to be made, a request for a check refund from the vendor is the next step. If a credit memo has been on a vendor's account for 90 days, Accounts Payable will send a letter to the vendor requesting a check refund. Accounts Payable will send two more reminder letters if no response is received from the vendor. If the refund is not received, the department will be contacted and the credit memo will be removed from the account and the budget will be charged back for the credit amount as a debit.
Refunds are funds returned to the University from a vendor, or funds the University needs to return to a vendor or other payee.