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what is the difference between debit memo and credit memo on
oracle AR
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Answer Posted / harish kumar
Credit memo: To decrease the customer balance for any price
corrections,discounts,wrong billing for these reasons we
create credit memo.
credit memo against transaction: will reduce the transaction
balance.
Credit memo against customer: will reduce the customer balance
accounting entry for credit memo:
Revenue a/c - Dr
To Receivables a/c
Debit memo: To increase the customer balance for any price
corrections,interest charges,late payment fees,etc.
Note: We can't increase the transaction balance by raising
the debit memo. However we can increase the customer balance.
| Is This Answer Correct ? | 14 Yes | 0 No |
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