Managing Credit Notes

For our Asia-Pacific customers, the term "Trust Account" is used, while European customers refer to it as "Client Account". It's important to mention that the Client/Trust Accounting functionality does not apply to customers in North America. For further information on regional terms, check out our Glossary of Regional Terminology.

This article provides a straightforward guide to creating, editing, and disbursing Income & Expense credit notes. Credit notes are essential for correcting invoices or recognizing customer returns and discounts. Getting savvy with credit notes will ensure accurate account management and client satisfaction. Though credit notes do not appear on owner statements, except for the Separate balances statement for each ledger format.

Accessing Credit Notes

Creating a credit note in Re-Leased can be approached in multiple ways:

• Navigate to the [+] Quick Links Menu and choose New Income/Expense Credit Note.
• From the Income & Expenses menu, opt for +New Income/Expense Credit Note at the top-right of the screen.
• Open the income/expense invoice and choose Credit Invoice from the [...] Contextual Menu.

Once the credit note is created,  a prompt will inform you if there are any credit notes pending allocation on the invoice. 

Creating a new Credit Note

Completing the credit note details involves a few key steps:

1. Populate fields with the relevant Property & Lease/Tenancy, Issue date, and reference numbers.
2. The Service Date field will mirror the setting in your company preferences, which dictates the budget period for credit allocation. Absent a specified date, the system will default to the Issue Date.
3. Provide a description (which will be visible on the owner statement), the credit amount, account code, GST/VAT/Tax, and Tracking (Xero) or Ledger (Client/Trust Account).
4. Attach any necessary documentation.
5. Finalize by selecting:
   1. • Cancel
      • Save as Draft
      • Save and submit for Approval
      • Save & Approve

Allocating Credit Notes to Invoices

Once a credit note is saved and approved:

1. On your screen, a list of the same contact's invoices will be displayed. Enter the amounts to be credited against each invoice.
2. Click on Save Allocations to apply the credits to the selected invoices.

Note Credit notes must be approved and addressed to the same contact before allocation, but you can always come back later to allocate via the menu on the credit note if not immediately applied.