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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 / raghuka
In general debit memo for receivables will increse AR
balance and credit memo will decrease.
The assumption in AP is that if there is a difference in
invoice and is noticed by buyer he will send the debit memo
with -ve amount to decrease payable balance, if the
discrepancy is already notified and supplier sends the
credit memo, buyer will record it with -ve sign.
one more way of Anyalyzing is Debit memos are sent by
suppliers to increase their AR balance but when buyer sends
he record with -ve sign
Comments Appreciated.
| Is This Answer Correct ? | 14 Yes | 6 No |
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