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Journal entry for Customer Credit Memo and Vendor Credit Memo

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Journal entry for Customer Credit Memo and Vendor Credit Memo
Stechies

Hi,

Vendor Credit Memo: Vendor a/c dr
to Exp/Purchases a/c

Customer Credit Memo: Sales/ Income a/c dr
to Customer a/c.

Bye


Comments

  • 09 Feb 2012 6:16 am Helpful Answer
    The following journal entry will happen for Customer Credit Memo

    Posting Key Description
    40 GL A/c Dr
    11 To Customer a/c

    Vendor Credit Memo

    Posting Key Description
    21 Vendor A/c Dr
    11 To GL a/c
  • 06 Dec 2010 8:30 am
    what is the accounting treatment for subsequent debit , credit and credit memo,
  • 21 Mar 2012 12:56 pm
    for subsequent credit will have impact on Quantity and not in amount.

    Surendra