Everyday operations of a business involves the sending out of company memos. Business memos help companies communicate internally and with other entities or companies. Memos such as a credit memo form a vital part of a company’s daily operations.
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A credit memo is a short document issued by a seller to a buyer lowering the amount owed or his accounts payable from a previous invoice. Credit memos are normally used when a buyer receives damaged, incomplete, or simply the wrong product. Credit memos are also used in giving a pre-negotiated discount to an issued invoice.
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The main difference between a debit memo and a credit memo is that a debit memo is issued by the buyer and the credit memo issued by the seller or supplier.
A credit memo reduces the total balance of a buyer’s account. The process is usually started when a buyer issues a debit memo planning to reduce his balance with a discount due either to damaged or wrong goods. The buyer would wait for the seller to issue a credit memo verifying agreement to the debit memo.
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A credit memo is important because of the following three reasons:
Memo examples in Word are shown in the page to assist you in the better understanding of a credit memo. Just click on the download link below a sample to access the sample.