What is Debit Memo & Credit Memo in Payables?
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Answer Posted / 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 |
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