Interested to Buy Any Domain ? << Click Here >> for more details...
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?
- 6 Answers
- 51708 Views
- Silicon Valley, I also Faced
- E-Mail Answers
Answer Posted / prashanth jonnala
In Payables Debit Memo and Creidt Memo functionality is same
It decreases the supplier balance (i.e decreases the
liability)
Eg
Supplier has send you invoice X with an amount of $100 but
later we found there is mismatch in quantity (more quantity
billed)so we will inform to customer. Then customer has
send you the credit memo but if customer says send me the
debit memo then you will generate debit memo from your end.
Both are same as a functionality.
In Receivables Debit Memo increases the customer balance
like invoice. If you forgot to add anything in the original
invoice, you can raise debit memo.
But if you billed more on your customer then you need to
raise credit memo to give credit back to your customer
account.
| Is This Answer Correct ? | 22 Yes | 3 No |
Post New Answer View All Answers
What is meaning of deprecation?
difference between 11i&r12
Provide an overview of AR cash receipt processing.
what r issues faced in gl
What is the entry in oracle apps ap,ar,gl for following transations1.one pipe purchase at rs.1002.one pipe sales at rs.150
Can I do a payment of 50 bills on a post date. If yes, then how?
Explain Customer Creation and Maintenance Process. Provide samples of customer master records with Payment Terms.
what is the meaning of purchase default and what are the types
Substitute receipts and Unordered Receipts
How do you adjust receivables?
What is the use of gl set of books name, while configure multiorg?
What do you mean by Category Set ? and what is its Relevance ?
How do write a discoverer report to identify zero dollar suppliers/invoices where the supplier is on hold?
What is difference between primary and secondary ledger
What is gap analysis, how do you defined?
