I know that I can RESET TO DRAFT and then CANCEL, but our Finance Team has already locked the GL for the month that this Credit Memo was booked.
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If you are using TaxCloud to report Sales Tax, you MUST Invoice the Customer to reverse the unreported revenue and tax that the Credit Memo sent to TaxCloud.
DO NOT MANUALLY JOURNAL the reversal if you are using TaxCloud. Make a new Customer Invoice.
This works for v13 and v14:
Create a Manual Journal Entry, making sure to specify the Customer on the Account Receivable line:
When you return to the original Credit Memo, you will see this at the top:
At the bottom you then assign the amount to the Credit Memo Invoice to close it ("pay" it):
The Partner Ledger will then show:
Note: the dates here are both 10/20 but in your case they would be the actual dates of the Credit Memo and Journal Entry based on when you posted them.
Hi Ray, when I tested this workflow by creating a journal entry, I noticed the total credit amount still appears on the "Invoiced" smart button on the Contact view, as well as the bottom of the invoice total column on the "Invoices" view for that contact, even after the debit has been applied to the credit.
I tested this same workflow by creating an invoice instead, and it actually zeros out the amounts of the Invoiced Amount/ Invoices view.
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