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In Accounts Payable credit memo and debit memo are entered
with -ve amount but in Accounts Receivable why credit memo
has -ve amonut and debit memo + ve?
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Answer Posted / kasi rajan
In Payable we are receving the material from supplier.
so we have to pay the amount to the supplier.
in case supplier has send the good more than what we order
at the point of we have to return the goods reduce the
accounting balance.
we send a memo to the supplier is called as debit memom
or supplier send a memo is called as credit memo. both of
the reducing our liability.
In AR module.
we are selling the product to the customer.
either we may forgot to added a freight charges or some
other thing. So we have to increase the balance of the
customer. so we add debit memo
in case we charge more than the product value so we have
reduce the amout.
thanks
| Is This Answer Correct ? | 50 Yes | 6 No |
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