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What is meant by a credit memo?
 Question Submitted By :: MM
I also faced this Question!!     Answer Posted By  
# 1
credit memo is as similar as money back to your account.
For Ex. If you did excess payments ( the difference between
PO price and Account Transfer price) to the vendor than the
actual payment or under some circumstances vendor is
returning some amount to your account, for this you need to
maintain one account type, that account type is called
credit memo.this may be just to identify why and from where
the money has been posted in your account.
If this is not maintaind, at the valuation level
conflicts in payment differences may arise.
If not please correct me.
Is This Answer Correct ?    16 Yes 3 No
Vijay Inamdar
# 2
Credit memos are reversals of invoice when the vendor has
charged you for more quantity that he has sent.
Say vendor sent you 8 units of a good costing 10 rs each and
charged you for 10 units in the invoice , so we will enter
the original amount (rs 100) and then do a credit memo for 2
units * rs 10 = rs 20
so when he sends you the invoice the accounting entry will be
Gr/IR dr. 100
Vendor account cr 100
During credit memo it will be :
Vendor account dr 20
GR/IR account cr 20
In effect the vendor account has been debited by rs 20
because he charged you more during invoice.
Is This Answer Correct ?    3 Yes 0 No
C.madhava Reddy
# 3
Credit Memo is a document that is issued by the vendor for
the damaged goods returned to the vendor by us. this amount
will be adjusted in the future purchases. for accounting
entries we will receive this credit memo.
Is This Answer Correct ?    1 Yes 0 No
N Raja
# 4
Credit Memo - A transaction that reduces Amounts Receivable
from a customer is a credit memo. For eg. The customer
could return damaged goods. A debit memo is a transaction
that reduces Amounts Payable to a vendor because, you send
damaged goods back to your vendor.
Is This Answer Correct ?    0 Yes 1 No
Prem Kumar
# 5
Usally the company is ranking the vendor with some
constraints.If the vendor is having a "A" class
ranking,then the company is making the payment well
inadvance or credit memo in favour of the vendorbefore the
goods is delivered.
Is This Answer Correct ?    1 Yes 15 No

Other MM Interview Questions
  Question Asked @ Answers
What is the difference between valuated Stock and Non Valuated Stock? IBM 6
"only 0.000 pieces are available" what does it mean during goods issue??   4
How are free items managed in a PO?   4
what is meant by production version?   1
Q. What is GR blocked stock? When it can be used?   8
What are the steps involved in creating a pricing procedure?   4
i want to change some data like price, data etc in created purchase order. but system is not allowing the same. as a support SAP MM functional consultant what you would do? IBM 3
I can store material price in Inforecord for a articular vendor. What is other place also I can sotre this info? Explain Accenture 3
why split valuation is only used along with the moving average price? why standard price is not used ? reasons? Wipro 3
What are the tools available for data migration in SAP?   5
How does the system calculate taxes?   2
Hi All I am a SAP functional consultant. I am a mechanical engg graduate.After that I had 4 yrs of career gap because of some serious family problem. But I was a very good in my academic. I took SAP course in a private institute & put 4 yrs of fake & got a job in a Top MNC. I did not want to do this but i had no choice. That time in SAP functional most of people was doing like that. I was surprised that in my company most of SAP functional have shown this kind of experience in their resume.not in my company eeven in other comapny same was the case. Now I lost my job after for 2 yrs in that company. Because in the recession time my company started background verification. I was not lucky enough to survive. Now I am looking for a job. This time I do not want to put fake. I have two yrs of real experience with a Top MNC. But these days there is no vacancy with 2 yrs of experience. Please help me how to prepare my resume as I do not to put fake. But what should I show for those 4 yrs of gap & how to get a job with 2 yrs of experience when there is no vacancy for this experience.   4
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