Basics - What Credit memo / Debit Memo?

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What Credit memo / Debit Memo?

Total Answers and Comments: 4

Last Update: March 20, 2008

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Submitted by: sdsmt

Credit memo In Oracle Payables and Oracle Projects, a document that partially or fully reverses an original invoice.

Debit memos Debits that you assign to a customer to collect additional charges. For example, you may want to charge a customer for unearned discounts taken, additional freight charges, taxes, or finance charges.

Above answer was rated as good by the following members:
dswan6

December 02, 2005 14:48:22

t_dheerajsingh

Member Since: September 2005 Contribution: 6

RE: What Credit memo / Debit Memo

Both Credit and Debit Memo are used for adjusting the suppliers balance and both is a negative amount. Debit Memo is created by you and send to the supplier and credit memo is recieved from the supplier and record it. - T.Dheeraj Singh

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December 12, 2005 04:03:23

tgs100

Member Since: December 2005 Contribution: 12

RE: What Credit memo / Debit Memo

If the original transactions are posted into GL then the transactions can not be modified in the respective sub-ledgers. If you want to modify the account balances for some reasons then you have to enter the debit memo or credit memo to adjust the account balances previously entered.

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October 15, 2006 05:19:46

160970

Member Since: October 2006 Contribution: 3

RE: What Credit memo / Debit Memo

The reply posted by Dheeraj is the right one. The answer provided by Saravanan is related to Reversals. Pls take care of the same to aviod misguiding people.

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March 20, 2008 02:03:30

sdsmt

Member Since: February 2008 Contribution: 4

RE: What Credit memo / Debit Memo?

Credit memo In Oracle Payables and Oracle Projects a document that partially or fully reverses an original invoice.

Debit memos Debits that you assign to a customer to collect additional charges. For example you may want to charge a customer for unearned discounts taken additional freight charges taxes or finance charges.

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