Answer / harish kumar

Credit memo: To decrease the customer balance for any price
corrections,discounts,wrong billing for these reasons we
create credit memo.
credit memo against transaction: will reduce the transaction
balance.
Credit memo against customer: will reduce the customer balance
accounting entry for credit memo:
Revenue a/c - Dr
To Receivables a/c

Debit memo: To increase the customer balance for any price
corrections,interest charges,late payment fees,etc.
Note: We can't increase the transaction balance by raising
the debit memo. However we can increase the customer balance.

Answer / guest

A credit memo is entered when invoice is given at higher
amounts, so we are due to customer which is to be matched
to invoice. A debit memo is entered when we had made an
invoice for lower amounts for which we can raise an addl
invoice or debit memo to serve the purpose, it is not
matched to any invoice.

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