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What is meant by a credit memo?

Answers were Sorted based on User's Feedback



What is meant by a credit memo?..

Answer / johnson

when stocks are returned back to vendor after payment has
been made for that stock, then a credit memo is issued to
vendor stating that he is holding the payment made by us

Is This Answer Correct ?    17 Yes 2 No

What is meant by a credit memo?..

Answer / srini

Scenario is like this, If you have raised a PO for an Item qty 100. For which terms and conditions with vendor says that the delivery will be made in 2 installments and when he sends first installment, he needs full payment for the PO. As per terms you paid total invoice amount to vendor. Now for some reasons you want cancel the rest of items delivery. Now, you have to raise a credit note stating the cancellation of order and request vendor to forward the credit memo. Once you receive credit memo you post it in the system, which will clear GR/IR accounts which was arise during full payment for the PO.

Is This Answer Correct ?    11 Yes 0 No

What is meant by a credit memo?..

Answer / mahesh wagh

when Material is rejected in quality management at that
time we reject vendor material so we give less amount for
rejected amount at that time credit memo is created. It is
one type of Subsequent credit but Subsequent is creat at
the time of less quantity receipt or some mismatch quantity
case.

Regards,

Mahesh wagh.

Is This Answer Correct ?    7 Yes 3 No

What is meant by a credit memo?..

Answer / satrajit chatterjee

If by mistake you have paid more to the vendor, then for
return that money back, in SAP system you have to rise an
cradit memo request to the vendor. if vendor accepts it,
then its converted to cradit memo. paralallay from vendor
side its debit memo request or debit memo. this cradigt
memo can be adjust by sending the fund back or adjustment
with next order payment.

Satra

Is This Answer Correct ?    8 Yes 4 No

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