Purchase Returns & Credits
      Back to home
      1. Learning
      2. Purchases & Payables
      3. Purchase Returns & Credits

      Raise a Credit Memo Using the Cancel Action

      Overview: 

      • Learn how to correct an unpaid posted purchase invoice using the Cancel action

      Why use the Cancel action? 

      Purchase invoices may occasionally be posted in error or require changes requested by the vendor. If the invoice hasn’t been paid yet, you can reverse it using the Cancel action. This automatically creates and posts a purchase credit memo to reverse the original transaction. 

      Note: The Cancel action is only available for unpaid posted purchase invoices. If the invoice is partially or fully paid, you’ll need to create a purchase credit memo manually. Alternatively, use a purchase return order if physical goods are being returned. 

      How to raise a credit memo using the Cancel action? 

      1. From the Wiise landing page, select Vendors. 
      2. Select the vendor from the Vendor list. 
      3. In the Vendor Card, select Vendor. Then, select Ledger Entries. 
        6
      4. The Vendor Ledger Entries page opens, showing all transactions for the vendor. 
      5. Filter Document Type to Invoice to find posted purchase invoices. 
        9 
      6. Select the posted purchase invoice you want to cancel. 
      7. From the selected posted purchase invoice, select the Home tab. Then, select the Correct action. Select Cancel.  
        7 
      8. A confirmation message will appear stating that the posted purchase invoice will be cancelled, and a purchase credit memo will be created and posted to reverse the transaction. 
        8 
      9. Select Yes to continue or No to cancel. 

        Note: When you select Yes, the posted purchase invoice gets canceled, and a credit memo is automatically created to reverse the transaction.   
      10. A message confirms the credit memo was successfully created. 
      11. Select Yes to view the posted credit memo, or No to stay on the current page. 
        12
      12. If you select Yes, the posted purchase credit memo displays. 
      13. You've raised a purchase credit memo using the Cancel action. 

      Tip: From the posted credit memo, you can select Cancel. Then, select Show Cancelled/Corrective Invoice to view the original invoice it reversed. 

       

      What's next? 

      Find out how to use the Correct option or manually raise a Corrective Purchase Credit Memo. 

       

      Need more help? 

      No problem, that’s what we’re here for. Reach out to support@wiise.com anytime you need assistance.