Credit Memo Template: Create Memo In Seconds

A monetary obligation should be paid on time. Or at least, the customer should be well-informed about how much money you owe to him/her. After all your brand is at stake. There will be times when you might even forget how much you owe to a particular customer.

That’s where a well-structured credit memo template comes to the rescue. Along with the business name, several other components are essential to fill up credit memos. But what if you get a ready-made Credit Memo Template? Forget the hassle of remembering all the components; just create a credit memo using several pieces of information.

This article is all about introducing you to the ready-made credit invoice template. Besides, there are several reasons to issue a credit memo. So make sure you know all of them so that you can mention them while creating one.

When Should You Use a Credit Memo?

There are a few scenarios when you are required to create a credit note. And knowing the reason is essential. So in what scenarios will you generate credit memorandums?

• Return of a few or all purchased goods by the buyer
• Return of the defective, wrong color, or size products
• Change in requirement by the buyer from the seller
• Overstated invoice
• Change in the price
• Improper application of discounts or discounts not at all applied
• Spoiled or damaged goods delivered

So, these are the reasons you can mention either in notes or explicitly mention as a reason for the credit.

Now that you know one of the crucial factors for creating a credit memo, let’s also know the rest of the components.

Essential Information (Components) Required for Credit Memo Template

Before creating a credit memorandum in a ready-made credit memo template, you are required to compile the following piece of information. With the information handy, you would not only be able to create a credit memo in half the time but would also minimize the chances of errors. It is similar to a sales invoice that you might be preparing in your day-to-day life.

Gather the following data before creating a credit memo:

• Date of Purchase
• Purchase Order Number
• Shipping Address
• Payment Terms & Bills
• Quantity of Each Item
• Total Value
• Total Discounted Value

Now that you have things handy, you can start filling up the credit memo default template. Just sign up with your email ID, start using the free template, and send when done.

For your reference, we have also attached a screenshot of what a credit memo looks like.

Credit Memo Templates

Here are the free credit memo templates to download and get things done. Use these templates to prepare a credit memo in a fraction of seconds and unload yourself from the burden of manually creating one.

So this is how you would be able to save time and focus on other important areas of business. Since manually creating a credit note is time-consuming, InvoiceOwl software would make it easy for you. Have a look at the video in the next section.

How to Create a Credit Memo?

You are just a video away from actually creating a credit memo. So let’s know how the software works.

• Signup/log in using your credentials
• Add client by filling up basic information like client name, company details, website, email ID, add phone, and billing address
• Add items, quantity, rate, and tax
• Add reason for creating a credit note
• Add photos or attachments
• Lastly, save it

Once you save the credit memo, you would be able to share it with your client via email. That’s how you quickly create a credit note in the shortest possible time. Fill up the information in a ready-made credit memo template and just share it.

Conclusion

A credit memo is issued when there is a business transaction between buyers and sellers. Preparing and sending is a tedious task and that’s the reason millions of businesses have started opting for creating credit notes online through software like InvoiceOwl.

Did you? Signup For a FREE Trial from your account and check out how quickly you can create credit memorandums.