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In AR module
What is the difference between Debit Memo and Credit Memo ?
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Answer / srinibas
unlike AP MODULE where there is no difference between a
debit memo and credit memo in AR module we have to enter a
-ve amt for credit memo and +ve amt for debit memo
debit memo is similar to an invoice and it is just in
addition to an original invoice.when we forget to add a
fright or other charges to an invoce we later charge it by
creating a debit memo
in case we charge more than the product value we have to
reduce it by creatine a credit memo.or a customer returns
some goods we have to reduce recevable by creating a credit memo
| Is This Answer Correct ? | 66 Yes | 3 No |
Answer / prasadrao.ladella
In AR Module "Dr memo" is raised by the Vendor to collect amount from the Customer for Freight charges etc, it is positive amount.it increases liability, becoz customer needs to pay amount
where as "Cr memo" is can be raised by Vendor to returned amount to customer for damaged goods or duplicate bill etc,
it is followed with negative symbol.it decreases liability of customer, becoz amount will be returned to customer and it will be added to his balance.
| Is This Answer Correct ? | 20 Yes | 1 No |
Answer / kamran zaidi
A debit memo is created for the services which have already
been provided to the customer or on the expenses which
already have been made the company and now they want to get
the amount from the client. Important thing to note here is
that the amount on the debit memo does not add to the
revenue of the company.
Credit memo is created for deducting the billed amount may
be in case of return of good or if more amount have been
billed earlier.The amount on the credit memo is placed in
negetive.
This credit memo is then tagged to the earlier bill which
has to be corrected.
| Is This Answer Correct ? | 18 Yes | 7 No |
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