Introducing credit memos on Loopit to help better tracking of credits

We are proud to announce that we have released a credit memo (or Credit Note) functionality to help better tracking of credits given to subscribers.

What are credit memos? 

Credit memos (or credit notes) are written documents of credits that are issued by your business to a customer/subscriber. Credit memos are important for your car subscription business because they help with invoice tracking.

This 'document' states the details of the issued credit: 

• the credit amount
• why the credit was issued
• when the credit was issued

With our updates, Loopit will automatically generate these details for you whenever a credit is issued. These details are available for viewing in the notes section.

Common scenarios for when you would issue a credit to a subscriber are often associated with goodwill. Here, credit can be issued to a subscriber as compensation for:

• potential vehicle repairs
• placing a subscriber in a temporary loan vehicle, when their booked vehicle has yet to be returned

Credit Memos on Loopit

There are typically two ways a subscriber can receive credit:

• Automatically when a subscription is ended via the pro-rata invoice generation.
• Manually when you "Add Credit" to a subscriber.

Automatically Generated Credit Memos

Previously when a subscription was ended Loopit would generate a negative invoice. Instead, Loopit will generate a Credit Memo.

This will give you the flexibility to either apply it as credit against another subscription that the subscriber has or refund as part of your normal business processes.

Manually Generated Credit Memos

Previously when you "Add Credit" to a subscriber, the only way to view it was on the Customer screens. Now, when manually adding credit to a subscriber, Loopit will generate a "credit memo".

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‍View credit memos in invoices

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All credit memos can be viewed in the Invoices and Payments section of either a Customer or a Subscription. If there are no Credit Memos, Loopit will hide this table.

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As always, if you have any feedback feel free to let us know at support@loopit.co or via the Feedback tool on the platform.