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What is Debit Memo & Credit Memo in Payables?
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Answer Posted / manoj kumar
memo is a short note designating something to be
done,According to ORACLE PAYABLES,
CREDIT MEMO-issued by the supplier.suppose there are errors
in the invoice sent to the customer or there is aproblem
with the shipment then this memo will be issued to decrease
the amount specified int he original invoice sent to the
customer.here,the supplier balance will reduce.
DEBIT MEMO-ISSUED BY THE CUSTOMER,if there is a defect in
the goods,then along with the goods customer will send a
debit memo to supplier,so here the supplier balance will
reduce.
Thus in both cases the supplier balances will reduce.
let me give an example.if the invoice amount is 1000$,if
supplier raises 100$ credit memo,then it is understood that
due to some errors in invoice,he is sending a credit
memo ,actual invoice amount is 900$.so the supplier total
balances will come from 1000$ to 900$.
Now,let us take the example of debit memo,if there are any
defect with goods supplied,say,for 100$ worth,then customer
will send debit memo of 100$ to supplier.so in this case
also the supplier balances come down from 1000$ to 900$.
| Is This Answer Correct ? | 253 Yes | 14 No |
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