Newsroom/Product update May 27, 2022

Credit Memo Management

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OpenEnvoy’s Credit Memo Management provides AP teams visibility and control over how variable vendor credits are applied to audited invoices.

What finance teams can expect with OpenEnvoy’s Credit Memo Management:

  • Automatically detect and assign credit memos to the correct invoices.
  • AP teams can view and manage vendor credit applications at the invoice line item level, ensuring correct utilization down to the penny.
  • Easy, single-click apply and exclude credit memos at the invoice and line item levels. Credit memo updates are rematched & verified to ensure accuracy.

The benefits of Credit Memo Management for finance teams:

  • Clear visibility into how highly variable credit memos are being applied on invoices.
  • Automated application and granular management of credit memos on audited invoices, even at the line item level.
  • Mitigate the risk of missed or inaccurate credits to avoid remitting incorrect payments to vendors. 

How OpenEnvoy’s Credit Memo Management works:

OpenEnvoy users can access the credit memo management screen from a job’s detail page through the “more actions” button or directly from the credit memo card. Select or deselect a credit memo or individual line items from which you want to apply or exclude credits. Save the changes and the job will be rematched. The invoice total will update based on the changes to which credit documents are applied or excluded.

OpenEnvoy enables finance teams of all sizes with visibility, automation, and cash flow solutions. To learn more about how OpenEnvoy can help you prevent wasted spend, visit https://www.openenvoy.com to connect with an expert.

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