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What is Debit Memo & Credit Memo in Payables?
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Answer / alok kumar jena
When goods are returned to vendor by the organisation,debit
note is prepared by the organisation.When goods are
returned by customer to the organisation, credit memo is
prepared by the organisation.
| Is This Answer Correct ? | 6 Yes | 6 No |
Answer / shamim ahmed
Sales
we as supplier Credit memo rs. 500 -ve to our customer for bonus amount.
customer receive -500 A/P
Purchases
we as customer Debit memo rs. 500 -ve to our supplier for defective goods.
supplier receive -500 A/R
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / che wamucho
debit memo= issued by the supplier to show the amount it
owes the customer after noticing it short-change the latter
credit memo= from the customer to the supplier
| Is This Answer Correct ? | 0 Yes | 3 No |
Answer / mohammad sarwar
Debit Memo prapared by supplier and cridet Memo raised by
Organiztion or firm to supplier.
| Is This Answer Correct ? | 0 Yes | 4 No |
Answer / gopi kanth
Debit memo is raised by supplier to us when we return goods
and Credit memo is raised by us towards supplier.There is
also mixed memo which is combination of noth debit and
credit memo
| Is This Answer Correct ? | 32 Yes | 101 No |
Answer / sita
In AP, both debit and credit memo are perform same task.
Debit memo raised by supplier to us and credit memo raised
by us to supplier saying we are due to him. both will be
mention in -ve amount
| Is This Answer Correct ? | 93 Yes | 177 No |
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