What is Debit Memo & Credit Memo in Payables?
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Answer / avinash s m
Both Debit Memo and Credit Memo is possible in the Accounts
Payables.
You can raise Debit Memo in the following reasons to a Supplier
a. Materials Rejection
b. Reduce in the Purchase Charges such as Tax, Fright,
Carriage and so on
c. Quality of the material or delay in the supply of
materials caused to stop the production line
You can raise Credit Memo in the following reasons to a Supplier
a. Increase in the Purchase Charges
b. Late Payment or Cheque Bounce Charges
| Is This Answer Correct ? | 12 Yes | 5 No |
Answer / mohd shahreza izzwan b. mohama
debit note is a debit memo send to supplier by us
(they creditors)for a purpose to reduce the amount we owe;
for the reason the product we received were damaged.
*purchases
credit note is a credit memo sent to customer by us
(they debtors) for a purpose to reduce the amount they owe;
for the reason the product they received were damaged.
*sales
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / oracle champions
Best answer found in this link
http://www.oraclechamps.com/oracle-functional-documents/261-oracle-financials-debit-momo-and-credit-memo.html
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / mahamood
credit memo means credit note and debit memo is debit note
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / jharsa
Debit Note: Debit note means, it is a note raised by the
when goods returned by the debtor i.e. by the customer who
bought goods from seller.
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / mohammad sarwar
What is major difference between Bank and Bank Account?
Bank is the place which we submit our cash or check and
Bank Account in the code of items or person.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / parveen
DEBIT MEMO MEANS A DOC. WHERE WE RETURNS THE GOODS & ADJUST
THE AMT WITH BILL IT IS IN CASE OF PURCHASE OF GOODS
CREDIT NOTE IS SAME BUT IT IS IN CASE OF SALE.
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / mohammad sarwar
Debit memo raise by customer and credit memo is raised by
by supplier in order to ractify the balance of supplier and
customer
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / babitha
Debit memo and credit memo are used in payables to reduce
the supplier balance when ever goods are returned.
Credit Memo is send by the supplier to reduce his
liabilites.
Debit Memo is created by the purchasing organization when
ever supplier does not send credit memo for purchases
returns.
Debit memo and Credit memo matched to Purchased invoice
(standard invoice)
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / sheetal
debit memo is issued when we want money from supplier and
supplier issues credit memo.
debit memo for under payment and credit memo for over
payment.
| Is This Answer Correct ? | 5 Yes | 5 No |
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