4 messages, 116 lines:

(1)---------------------------
Date:         Wed, 16 Jan 2002 12:08:58 -0500
From:         Ann Brown <AEBROWN@OCC.CC.MI.US>
Subject:      Re: Keeping track of vendor credits

Hi. Timely question! I just spoke today with ProQuest as we deal with the
same thing.  ProQuest has different methods of dealing with the credits.
They don't automatically apply the credits to your account, but will apply
them to future or outstanding  invoices as you request. You must fax, call
or email them with the information.

Ann
Ann Brown <AEBROWN@OCC.CC.MI.US>

(2)---------------------------
Date:         Wed, 16 Jan 2002 11:13:06 -0600
From:         Leah McCracken <mccracke@DAFFY.CORD.EDU>
Subject:      Re: Keeping track of vendor credits

We usually just apply them towards future invoices. I keep the credits with
my future purchase orders, packing slips, invoices, etc. that need to be
paid. If it is a credit for a subscription to a periodical, I usually send
an e-mail to our subscription agent just to make sure we both know about it.

With our subscription agent I do keep and Excel spread sheet with all of our
debit and credits but only because we have a reserve account.

Hope this helps
Leah McCracken
Serials/ILL Coordinator
Carl B. Ylvisaker Library
Concordia College
901 8 Street South
Moorhead MN 56562
mccracke@cord.edu
(218) 299-4252

(3)-------------------------
Date:         Wed, 16 Jan 2002 12:33:17 -0500
From:         Kim Maxwell <kmaxwell@MIT.EDU>
Subject:      Re: Keeping track of vendor credits

We process the credit through our library system the same way we would an
invoice.  That way, it gets credited back to the correct fund/line
item.  Then, our internal library accounting staff holds on to the actual
credit memo until we have another invoice with that vendor.  We process
that invoice for the full amount, and then when the invoice is sent to
Accounts Payable (where checks are cut), we send the invoice with the
credit memo.  In effect, we're saying: here is this invoice for $1,000 for
vendor X.  Use this $100 credit memo to satisfy part of the payment, and
then cut them a check for $900 for the rest.

To the vendor, $1,000 is $1,000, whether it comes in the form of a check or
a credit memo.  But to the library, all the money has come out of the
correct fund.

Kim

Kim Maxwell
Serials Acquisitions Librarian
Massachusetts Institute of Technology
MIT Libraries, Room 14E-210
77 Massachusetts Ave.
Cambridge, MA 02139-4307
phone: 1-617-253-7028
fax:   1-617-253-2464
email: kmaxwell@mit.edu

(4)---------------------------
Date:         Wed, 16 Jan 2002 13:16:20 -0600
From:         John Blosser <jblosser@NORTHWESTERN.EDU>
Subject:      Re: Keeping track of vendor credits

Credits are hard to track.  We use them against future invoices, that is
when we remember.  We have not found the perfect way of remembering when we
do not get frequent invoices from the vendor issuing the credit.  We have
tried a paper file and a paper list at staff workstations.  Neither has
worked really well.

Getting refund checks are great, but not many vendors like to do that.

John Blosser

      John P. Blosser
      Head, Serials Dept. and
         Coordinator of Acquisitions Services
      Northwestern University Library
      1935 Sheridan Road
      Evanston, IL 60208-2300

      jblosser@northwestern.edu
      Voice: 847/491-2933
      FAX:   847/491-7637

-----Original Message-----
From: Buddy Pennington [mailto:MD_Buddy@KCLIBRARY.ORG]
Sent: Wednesday, January 16, 2002 11:49 AM
To: SERIALST@LIST.UVM.EDU
Subject: Keeping track of vendor credits

Hi all,

How do you keep track of vendor credits?  We receive a flurry of statements
from various serial vendors for credits and I am having a tough time keeping
track of the amounts.  Do you apply credits to future invoices, get checks
issued to you etc.?

Does anyone out there use software to keep track of this (Excel, Access)?
How do you have it set up?

Buddy Pennington
Document Delivery Librarian
Kansas City Public Library
md_buddy@kclibrary.org
816-701-3552