Credit Memo

A Credit Memo sets forth the amount of credit issued to a customer. It includes the invoice number, the person to whom the credit is issued, and the credit amount.

  • The seller, credit the accounts receivable. Send a credit memo to let the other party know. 
  • The buyer then receives what is being called a credit memo and they’re going to do the opposite. They’re not going to credit, they’re going to debit something, and that’s going to be their accounts payable when you receive a memo. The buyer does the opposite.
  • The buyer then acknowledges the receipt by issuing a debit memo.

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