Apply credits in MineralTree

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Audience: Accounting Manager

Summary: Reviews the application of credits within MineralTree.

The article covers the following topics: 

Credits overview

The application of all vendor credits to invoices is completed in the Accounting System. When credits are applied to invoices, those details sync to MineralTree. 

The following credit information is available in MineralTree:

  • Total open/available balance of credits (visible on the Dashboard)
  • Open/available credits by vendor (visible on the Invoices tab, Invoice Details, and Vendor Details)
  • Applied credits (visible on the Invoices tab and Invoice Details)

Reviewing credits in MineralTree

View available credits and applied credits from the Invoices tab, or the Vendor and Invoice details.

When credits have been applied, the remaining open balance on the invoice is reflected on the Invoices tab. The original invoice amount is displayed on hover.

Credit applications in the Payment Details

The payment details reflect both the invoices and credits included in the payment.

How vendors receive credit applications

Credit applications are automatically reflected in the vendor remittance email and on the check stub when invoices are paid.

When credits make your invoice $0

When the remaining amount of an invoice is reduced to $0 entirely by a credit, companies have the option to notify vendors that the invoice has been fully applied by a credit and that no payment will be sent. Contact MineralTree Support to enable or disable this feature.

When this feature is enabled, users see $0 invoices appear in the Invoices tab when the remaining balance has been reduced to $0. These invoices are added to the payment queue and submitted following standard workflows. Once approved, no payment in generated. Instead, an email remittance is sent to the vendor notifying them of the credit application and subsequent closing of the invoice.

The steps below outline the entire process of fully paying an invoice or invoices by credit.

  1. Invoices are reflected in MineralTree. Credits are available.
  2. Credits are applied in the Accounting System.
  3. Credit applications sync to MineralTree, and invoice amount is updated to $0.
  4. $0 invoices are added to the payment queue. Payment amount is $0; payment type is Credit Only.
  5. Email remittance is sent to the vendor email on file.

 To learn more about applying credits in the accounting systems, view these articles:

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