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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 / 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 |
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