New credit memo redemption policy and Zoom training

May 6, 2020

Yale Shared Services is implementing a new practice to promote the timely redemption of credit memos issued by our suppliers. Effective May 1, 2020, any Yale department with a credit memo that is 90 days or older will be contacted by Yale Shared Services (YSS). YSS will partner with them to ensure the credit memo is either applied to an outstanding balance or that a refund is issued. In addition, YSS will cancel any credit memo whose value has not been used or refunded within 180 days of issuance.


A credit memo or credit memorandum is a commercial document issued by a supplier that informs the buyer (Yale) that the supplier will be decreasing or crediting the amount that Yale owes in accounts payable. A credit memo is often issued when goods have been returned, or Yale has been overcharged.

As a credit memo ages, the likelihood that it will be refunded or used to offset a future payment diminishes. Therefore, it is important that proactive steps are taken to ensure that the full value of the credit memo is received either by obtaining a refund or applying it to an outstanding balance.

Any credit memo older than 180 days will be canceled without notice to reconcile the accounting with the actual dollars spent. The cancellation will appear as a debit in your department’s P&L.

Credit Memo Virtual Open House

The Finance team will be hosting a virtual open house that will provide a review of the new policy and time for open Q&A. Join us for one of the following Zoom sessions:

  • May 12 - 11:00 a.m. - Noon
  • May 13 - 3:00 p.m.- 4:00 p.m.

To register via TMS, log onto the VPN and then click here.


What proactive steps can the recipients of a credit memo take to ensure the value of the credit memo is applied or refunded?

  • Notify and/or send the credit memo to AP as soon as it is received. The credit memo may be forwarded to AP via email or regular mail using the information below:
  • Ask the supplier for a refund in a timely manner.
  •  If you know that the business relationship in ending, do not agree to a credit memo, instead, ask for a refund.
  • Anyone with a reporting role in Workday can proactively view and monitor outstanding credit memos by running the “Unpaid Credit Memos – Yale” report or “Find Supplier Invoices – Yale.” To access these reports, type the report name in the search field. For the “Find Supplier Invoices” report use the following prompts:
    • Payment Status – unpaid
    • Invoice amount < -.01
    • Invoice Status – Approved, In progress, Draft.

Need help?

Please contact the Finance Support Center through email at or 203-432-5394 with any questions.