Interested to Buy Any Domain ? << Click Here >> for more details...
what is the meaning of credit note & debit note? why
company using ?
- 1 Answers
- 5177 Views
- I also Faced
- E-Mail Answers
Answer Posted / sandy
What is Debit note and Credit note
What is Debit note and Credit note? What is the purpose? How we create?
1. A transaction that reduces Amounts Receivable from a customer is a credit memo. For eg. The customer could return damaged goods. A debit memo is a transaction that reduces Amounts Payable to a vendor because, you send damaged goods back to your vendor.
2. Credit memo request is a sales document used in complaints processing to request a credit memo for a customer. If the price calculated for the customer is too high, for example, because the wrong scale prices were used or a discount was forgotten, you can create a credit memo request. The credit memo request is blocked for further processing so that it can be checked. If the request is approved, you can remove the block. The system uses the credit memo request to create a credit memo.
You can use credit memos in Sales and Distribution (SD) for assigning credit memo requests to the open invoices and in Financial Accounting (FI) for assigning credit memos and payments to the open invoices and carry out clearing with them. If you use both Financial Accounting (FI) and Sales and Distribution (SD), there is a 1:1 relationship between the credit memo request and the credit memo item posted in Financial Accounting (FI). As soon as you bill the credit memo request together with other sales orders, or distribute the items of one credit memo request to several billing documents, the assignment is no longer valid and the system will not process it.
For credit memos, credit memo requests, and payments, you have the following assignment options:
- Assignment to a single invoice
- Assignment of a partial amount to an invoice
- Assignment to several invoices
When you post credit memos, the payment programme processes them automatically. If the credit memo is specifically related to a particular open invoice item, the payment program automatically attempts to offset the credit memo against the open item. If it is not possible to completely offset the credit memo against an invoice, you can post a debit memo to the vendor, who is to reimburse the amount. Then you can apply a multilevel dunning program.
3. Debit memo request is a sales document used in complaints processing to request a debit memo for a customer. If the prices calculated for the customer were too low, for example, calculated with the wrong scaled prices, you can create a debit memo request. The debit memo request can be blocked so that it can be checked. When it has been approved, you can remove the block. It is like a standard order. The system uses the debit memo request to create a debit memo.
4. As mentioned above, creating a credit or debit memo request enables you to create credit or debit memos based on a complaint. For this first create a sales document with the order type for a credit or debit memo request. You can create the debit or credit memo requests in the following ways:
– Without reference to an order
– With reference to an existing order
Here you enter which order the complaint refers to.
– With reference to an invoice
Here you enter which invoice the complaint refers to.
In all cases, you specify the value or quantity that should be in the credit or debit memo
5. You can block the credit or debit memo request from being billed in Customizing. Go to Sales -> Sales Documents -> Sales document header -> Define sales document type and select the billing block field in the billing section. This request can later be reviewed along with similar ones, - if necessary, by another department. The request for a credit or debit memo can then be approved or rejected.
| Is This Answer Correct ? | 1 Yes | 0 No |
Post New Answer View All Answers
After Posting the Document in SAP FICO Using the sort key then where we can see the sort key in SAP
Breif notes about accounting standards
The Closing stock balance on the cr side of Tarding Proft and Loss A/c due to this our revenue so when we isued the material or used in production then whats happen with closing stock(I think Closing Stock will dr after Isuabce/use materil in Production)if its correct tell me
1.provide a brief write up on why you consider yourself suitable for the post voting your major achievements? 2. Mention your position in the hierarchy and the levels above and below you ?
business sepsarate entity concepts
Two months rent of Rs 25000/- was adjusted in Rental advance account at the time vacating office
i am called for interview but im getting confused wt sort of questions i wd have to face,its a bank job and post is cash ofiicer please help me.
You have joined company yesterday then you are Appling B1 visa today. why so urgent.
what is the meaning of (PDD’s, DOD’s, CFR’s,) based on understanding of the business process
Short Answer on ______Amortization
What Question ask in MARKIT Company?
How can a Society be converted to a Private Limited Company in the Real Estate Industry and at the same time have the least tax liability upon it's profits earned during the financial year closing
What are the benefits ofparticipation in a depository?
how can i make configration relation with inflation in sap
Please suggest the manual records needed to be maintained at NGO/CBO to record the transactions of accounts & inventory. Please also mention the need & purpose of each records/books
