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What Credit memo / Debit Memo?

Asked by: Interview Candidate | Asked on: Aug 13th, 2005
Showing Answers 1 - 6 of 6 Answers

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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tgs100

Answered On : Dec 12th, 2005

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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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160970

Answered On : Oct 15th, 2006

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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sdsmt

Answered On : Mar 20th, 2008

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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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A credit memo is an invioce that reduces the amount due to a  customer's invioce. This usually occurs becuase the customer has returned some of the goods (goods returned ) the adjustments carried out here affects the original invioce.A debit memo is a reuest  from customer  for the reduction of the amount stated on his or her invoice.  This docment simply notifies the company or organisation to carry out the adjustment. it does not in it self affect the original invoice.

  
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Ram Panday from Saturn e-solutions pvt.ltd

Answered On : Feb 13th, 2013

Credit memo is used to reduce the balance due for a transaction and Debits that we assign to a customer to collect additional charges like freight charges,taxes,or finance charges.

  
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