Understanding the intricacies of credit memos is crucial for program administrators to manage their program's funding processes.
The following further explains CyberGrants' process for issuing and applying credit memos, highlighting the key required and optional restrictions that are considered.
Step 1: Understand how Credit Memos are Issued
Credit Memos will be offered by the CGDS Disbursements team when one of the valid reasons has occurred. The team will work with clients to ensure the funds can be used quickly and accurately. A PDF version of the Credit Memo and confirmation email will be issued to the client for their records.
- Credit Memos must be issued for a single CGDS Account Type and Invoice Type:
Required Credit Memo Restrictions (one of each)
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Example
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Account
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Charities Aid Foundation America, Charities Aid Foundation Canada, and CyberGrants SPV, LLC
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Invoice Type
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ACME Incentive Program and ACME Grants
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- Credit Memos can also be optionally restricted to certain types of funding or programs:
Optional Credit Memo Restrictions (one of each)
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Example
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Funding Source
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E.G., “Employee,” “Company,” “Grants”
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Proposal Type
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E.G., “Credit Card,” “Dollars for Doers,” “Foundation Grants”
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If any of the optional restrictions are not selected, then the memo will be applied to all activities. We recommend limiting restrictions on Credit Memos to allow for the most flexibility in how they are applied.
Step 2: Understand how Credit Memos are Applied
Credit Memos are automatically applied to the next eligible unfunded CGDS invoice in the oldest to newest memo order.
- When a Credit Memo is applied to an invoice, the memo’s available balance is automatically deducted from the Invoice Total.
- Any remaining Credit Memo balance will be carried over automatically to the next eligible invoice.
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