What is Debit Memo & Credit Memo in Payables?
Answer Posted / g prasad
Debit memo is a document which is prepared by the customer
to his suppliers to reduce in the amount due to over
casting or damage of the goods or services. It allows
negative balances only.
Credit memo is a document which is prepared by supplier and
sent it to customer to reduce his due due to overcasting in
the original invoice. It allows negative balances only.
The main difference between Debit Memo and Credit Memo is
the origin of the document. If it is prepared by customer
send it to supplier it is called as Debit memo and Supplier
will accept it after confirmation. Supplier will not
prepare Credit memo againt debit memo. And the document is
prepared by supplier it is called as credit memo and
customer will accept it but do not prepare debit memo
against supplier credit memo.
Is This Answer Correct ? | 61 Yes | 9 No |
Post New Answer View All Answers
explain your project plan with exam pal? i am preparing inter view .............
HI, once we create the standard invoice then we can get journal entry item expense a/c-dr to liability a.c then item it will reflect through inventory, but liability a/c . it will reflect from GL , it is possible .
Write Test Scripts for a telecummunication project on the basis of priority with some examples with regard to AP,GL,FA.
What is Reporting of financial data in a project.
Explain Customization process?
What is the Use of Grouping Rule in Receivables ? is it mandatory field ?
payment types and payment methods.
What are register in India localisation?
What is the meaning holding tax?
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
I have created an invoice and made the payment in Accounts payable. Now the payment status is Negotiable and accounting status is processed. I reconciled the transaction in Cash Mgmt, The status changed from negotiable to Reconciled in CM. I checked the payment status for the invoice in payment window(AP), the payment status changed to RECONCILED UNACCOUNTED i.e correct but the accounting status is remain processed which is not the correct. I hope the transaction will be correct if the accounting status would have changed to PERTIAL . Please suggest any solution for the above query.
What is meaning of deprecation?
What is the use of gl set of books name, while configure multiorg?
What are the inventory report to check inventory status.
how we can stop the transaction for not transfer to the reporting ledger at the time of entering the transaction in pl