What is Debit Memo & Credit Memo in Payables?
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Answer Posted / sanjeev sharma
Debit and credit memo both are negative in AP , both it
reduces the purchaser’s liability and vendor’s/suppliers
balance
The reasons for raising debit memo by
purchaser
Discount.
. Over billing.(Good Returns )
. Duplicate billing.
. Wrong invoicing.
. Over tax.
. Over freight.
:Above case we can issue debit memo or we can take Credit
memo from Supplier ,
Supplier Debit Memo we will treate like standard invoice
| Is This Answer Correct ? | 19 Yes | 4 No |
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HI, once we create the standard invoice then we can get journal entry item expense a/c-dr to liability a.c then item it will reflect through inventory, but liability a/c . it will reflect from GL , it is possible .
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