Credits, Refunds & Prepayments
Credits, Refunds & Prepayments
Credits, Refunds & Prepayments in GAAPx manages the lifecycle of customer concessions, service credits, payment reversals, and prepaid retainers while maintaining strict audit trails in the AR subsidiary ledger.
:::info SCREENSHOT PLACEHOLDER: Credit Memo Creation & Allocation
Location in App: App > Billing > Credit Memos > Create
Visual Description: Modal showing credit memo creation linked to original invoice, selecting refund vs. apply-to-open-balance.
Recommended Dimensions: 1200 x 675
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Core Operations
1. Credit Notes & Invoicing Adjustments
- Stand-Alone Credit Note: Issues general credit balance available for future billing schedules.
- Invoice-Linked Credit Note: Cancels or reduces a specific open invoice balance and triggers adjusting journal entries to your General Ledger.
2. Customer Prepayments & Retainers
- Funds received prior to invoice generation are booked to Customer Deposits Liability.
- When billing schedules trigger, GAAPx automatically draws down the deposit liability to clear the generated invoice.
3. Refunds & Payment Reversals
- Executes 1-click refunds directly through connected Stripe or bank rails.
- Automatically reverses cash clearing entries in your ERP and restores original invoice status if required.