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Question
What is meant by a credit memo?
 Question Submitted By :: MM
I also faced this Question!!     Answer Posted By  
 
Answer
# 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
 
Answer
# 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
 
 
 
Answer
# 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 ?    2 Yes 0 No
N Raja
 
Answer
# 4
Credit memo always refers to vendor posting.Credit memo will lead to debit posting to vendor account.
for example:
while doing Invoice verification we have given qty as 100
but later we have realized that it should be 90qty.For this difference amount we will do Credit memo in MIRO.
 
Is This Answer Correct ?    0 Yes 0 No
Hawani Reddy
 
Answer
# 5
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
 
Answer
# 6
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 16 No
Sathya
 

 
 
 
Other MM Interview Questions
 
  Question Asked @ Answers
 
tell me invenotry management types? Infosys 3
when you enter a po with item quantity 10 price RS.100/-.The vendor sends an invoice with 15 quantity. NO GR.In real time what you have done are you post the invoice.explain HP 7
what is the difference between MB1B,MB1A,MB0A,   1
How are free items managed in a PO?   1
What are the documents generated in the MIGO 101 movement type? What are the accounts hit?   6
What is difference between "terms of payment" and "payment terms" Fields are available in vendor master purchasing view and accounting view respectively. System can take two differnt values for same vendor? why different values are maintained? Hero-Honda 6
Have got 6+ yrs of work experience in CAE/CFD. NOw i am planning to change my career to SAP MM . Kindly guide me on this how to go about it. I have already joined for SAP MM training. Kindly guide me weather i can put some fake experience and apply for the job or i can apply as a fresher with SAP MM. Thanks for the information in advance. Avi   2
how a support individual will receive Tickets/issues from client   3
What is Consigement stock & which accounting entries are posted at the time of GR? IBM 5
Could you please suggest the best institute WITH BEST FAULTYfor SAP MM in BANGALORE?   4
WHICH IS BEST INSTITUTE IN HYDERABAD FOR PROJECTED ORIENTED TRAINING ON SAP MATERIALS MANAGEMENT?   1
MM flow with Tcodes & tables IBM 5
 
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