![]() A bank credit memo is also good for customers. Even in bank reconciliation, a credit memo is good. A supplier can have a great way to handle their accounts payable through a credit memo. It can be a form of a debit that the customer has in the store. Sometimes, the customer does not have to pay in cash if the credit memo balance is sufficient. ![]() The payment will turn into a credit that can be used for other things that the customer may buy. Especially, if the customer pays in advance. In times of a discount, a credit memo is also produced. It can also be good for a supplier because they do not have to return the remaining credit and that amount can also be spent in their store. He or she will have future funds to be spent on future purchases. A customer may have some benefits from a credit memo. A credit memo is a good accounting tool that helps sellers to settle the buying accounts of customers. When the seller sends an invoice to the buyer next time, the amount in the credit memo can be credited and can be subtracted from the present amount of goods. It is the overpayment from goods that are exchanged or returned. In the case of a cash sale, the credit memo is the amount of benefit that the seller owes to the buyer.Ī credit memo is the shortened form of a credit memorandum. It will be in a form of a credit that the buyer can use for future purchases. ![]() A vendor has to make an account of the money that the buyer has paid. It happens when customers return or exchange products and get a credit from the money that they have already paid to the seller. ![]() What does a credit memo mean? A credit memo is a document that is given by sellers to customers that denotes that they still have a buying credit from their store or company.
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