Zil Money is a financial technology company, not a bank. (OnlineCheckWriter or OCW) and Zil are platforms for products and services provided by Zil Money Corporation. is a B2B payment platform that offers a cost-effective solution for businesses managing account payables and receivables. This step is critical to ensure that the customer receives the correct credit amount and that your accounting records are accurate.
Calculate the credit amount: Depending on the reason for the credit, you’ll need to calculate the credit amount.Gather the necessary information: Before preparing a credit memo, you’ll need to gather the customer information and the reason for the credit.Preparing a credit memo can seem daunting, but it’s a relatively simple process with. All types of credit memos can be easily created with. This type of credit memo is often used in consumer transactions. The credit memo should include the following: This type of credit memo is often used in business-to-business transactions.Ī rebate credit memo is issued when a customer has been offered a rebate for purchasing a product or service.
This type of credit memo is often used in retail or e-commerce transactions.Īn allowance credit memo is issued when a customer has been overcharged or has received damaged or defective merchandise. There are three main types of credit memos: sales return credit memo, allowance credit memo, and rebate credit memo.Ī sales return credit memo is issued when a customer returns merchandise for a refund or credit.