Debit memorandum
Debit memorandum is a memo issued by a purchaser to a seller, indicating that some Purchases Returns and Allowances have occurred and therefore the purchaser now owes less money on account. Debit memorandum can also be a decrease in depositor's balance.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Debit memorandum. Decrease in depositor's balance.
- Debit memorandum. A memo issued by a purchaser to a seller, indicating that some Purchases Returns and Allowances have occurred and therefore the purchaser now owes less money on account.
Related concepts
- Credit memorandum.
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
