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What is difference between debit memo and credit memo?

Answers were Sorted based on User's Feedback

What is difference between debit memo and credit memo?..

Answer / nagesh

In AP Module Both Debit memo and Credit memo reducing the
amount towards the supplier.
While entering the Debit and Credit memo both r taking
negative amount and Payment term has to be Immediate.

Debit memo raised by Organization.
Credit memo raise by Supplier.

Is This Answer Correct ?    29 Yes 4 No

What is difference between debit memo and credit memo?..

Answer / shravan kumar

Unlike in AP MODULE where there is no difference between a
debit memo and credit memo.But 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 invoice we later charge it by
creating a debit memo in case we charge more than the
product value we have to reduce it by creating a credit
memo. Or a customer returns some goods we have to reduce
receivable by creating a credit memo.

Is This Answer Correct ?    29 Yes 6 No

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