![]() ![]() For business goods and services it’s a similar story. ![]() We return things for all sorts of reasons. Sometimes it's size, other times it’s color, and sometimes you simply change your mind within 30-days. You were being overly polite when you told the sales assistant they fit perfectly. You unbox the sneakers, slide them awkwardly on, wiggle your toes around, and realize you’ve made a big mistake. They will also include the reason for the creation of the credit memo. It's different from a refund because it provides credit for a future invoice amount, not cash, to the customer account.Ĭredit memos contain important information, including: the purchase order number, date of purchase, the original invoice number, corresponding invoice date, payment terms, billing details, buyer shipping address, prices, quantities, and more. How is it different from a refund? Glad you asked. That money can be applied to future purchases of goods and services. What a credit memo isĪ credit memo, short for credit memorandum and occasionally known as a credit note, officially acknowledges a customer is owed money. It's time to make more of credit memos – here's what you need to know to better manage them. ![]() Sellers apply a credit memo to a future purchase but the buyer never takes them up on it. The same goes for business-to-business transactions. We’re all guilty of it: we buy something, return it for store credit, and then swiftly forget about the store credit. Learn what credit memos are, why companies create credit memos, and how to cash in every single one. Writing off credit memos is a little like turning on the incinerator when there’s cash inside. ![]()
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