Transfer credit and charge items between accounts belonging to the same customer. This involves transferring items in the system arising from an overpayment, deposit balance or other crediting transaction.
1. From the homepage, go to Finance module.
2. Navigate to the Accounts Receivable and Transfer of Credit.
1. Click the Create New button.
2. Select the Business Entity from the list and set the Transfer of Credit Date.
3. Select the From Account by clicking the Search button and selecting the customer from the list.
4. Select the To Account by clicking the Search button and selecting the customer from the list.
Note: The system will auto-populate all the credits in From Account and Outstanding Charges of the Account To to facilitate selection of items to transfer credit and pays respectively.
5. Add adhoc credit or charge items:
- Click the Add button.
- Set the Credit Note Item:
- Charge Type
- Unit Price
- Once done, click the Update button.Note: GL Account, Description and Tac Code will be automatically be populated when you select the Charge Type. Auto-computation of the Amount and Tax based on the Unit Price inputted.
- Once done, click the Update button.
6. Once done, click the Submit for Approval button.
7. Click the View Journal Transaction to review the adjusted journal entries.
- Backdating of transfer credits is allowed as long as the Accounting Period is still open.
- As a control, transfer of credits can only be made between different accounts belonging to the same customer.
- Transfer of credits and charges between different customers are not allowed.