If an invoice turns out to be too high or too low, a company can issue a debit or credit memorandum to correct it. Banks use memos to make adjustments to business checking accounts. The company on the receiving end of a memo can use it to track how much to adjust its account books.
Credit memos are a simple way of adjusting your accounts after sending an incorrect invoice.
Typical uses for credit memos include over billing, short orders, damaged shipments, wrong products, post-invoice discounts and writing off short payments. A credit memo is a negative invoice used when there is a difference in the customer's original order or billed amount that causes a frequent customer to owe too much money.
Write "Credit Memo" at the top of a sheet of paper. Alternately, you can use a credit memo template provided by your office or accounting software manufacturer. Type your business name, address, contact information, website or email and your tax identification number at the top of the page or, if using a template, in the appropriate spaces.
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Type your customer's information on the right side of the page if you are making your own memo. Use the appropriate blanks if using a template. Include any number or code that you use to identify the customer within your company.
Include the date that you are issuing the memo, the credit memo's number, the original invoice number and the payment terms on the left side of the page or in the spaces provided by the template.
The memo's number is a unique number assigned by you. Divide the center of the page into five columns.
Write the quantity of each credited item in the first column, your item identification number in the second column; describe the item and the reason for the credit in the third column and the price of the item in the fourth column. Multiply the item's price by the quantity to calculate the line total for the fifth column.
Label each column with its appropriate name. Add all of the prices in the fifth column and write the total at the bottom of the memo.
Label the line "Subtotal. Calculate the sales tax for the credited items by multiplying the subtotal by your state's sales tax amount. Write the amount under the subtotal and label the line "Sales Tax.
Add the sales tax to the subtotal. Write the amount under the sales tax amount and label the line "Total. You can number memos sequentially, select an arbitrary number or use the original invoice number and end it in "-R" or "-CR.
Payment terms for credit memos are typically the same as the payment terms you use for invoices.The reasons why you may need to write a letter explaining your bankruptcy and the type of things a prospective lender will want you to include in the letter to be convinced of your ability to fulfil your obligations as a lender.
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The credit memo is also used buy a business to notify them they are reducing the amount of money the customer owes based on the terms of an earlier invoice. You can also notify the customer that they can use the letter to offset a future invoice.
Letters of Note is an attempt to gather and sort fascinating letters, postcards, telegrams, faxes, and memos. Scans/photos where possible.
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