Infor Payables Chargebacks vs Credit Memos

As part of our implementation, we are looking at payables chargebacks. Today, we don't utilize this functionality and instead await the vendor to send us a credit memo.

What happens if we do a chargeback and then, later on, the vendor sends in a credit memo? Is there a "matching" functionality that can be done so we can also record the credit memo was sent? What do other companies do in this instance? We don't like just "destroying" the credit memo as we want to record we received it.

Any other "gotchyas" to look out for when using chargebacks?

Thank you.

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Comments

unknown

We put the system generated chargebacks on hold if we expect a credit memo from the vendor and then enter the credit memo information from the vendor in the comments of the system generated chargeback for the vendor to be able to reference from the remittance advice.

Jeremy Townsend

Thank you. But, what do you then do with the credit memo once it arrives? Do you input it into FSM anywhere in case it's ever needed or referenced later? I'm more concerned about what to do with the credit memos for retention purposes.

unknown

You can scan the image and attach the document as an attachment or the related information for the system generated chargeback. The comments should reference the vendor credit memo number on the check comments so it appears on the remittance for the vendor.

Jeremy Townsend

So, nowhere to actually enter/key the credit memo into the system and "match" it against the chargeback, then. Right?

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