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Glossary / Also known as

Debit memorandum

Another name for Debit Note.

Other names
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What does debit memorandum mean?

Debit memorandum is another name for Debit Note. A debit note is a document issued by a buyer to a seller indicating a reduction in the amount payable, typically due to goods returned, pricing errors, or defective supplies.

The two names mean the same thing. You will see "debit memorandum" in some ledgers, reports and contracts and "Debit Note" in others. The full entry covers how it works, with examples.

Read the full definition of Debit Note

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Related terms.

Accounts payable Debit Note A debit note is a document issued by a buyer to a seller indicating a reduction in the amount payable, typically due to goods returned, pricing errors, or defective supplies. Also called debit memo, debit memorandum Accounts payable Accounts Payable (AP) Money a business owes to its suppliers and vendors for goods or services received but not yet paid for. Also called trade payables, sundry creditors, payables Input tax credit Input Tax Credit (ITC) A mechanism that allows businesses to claim credit for GST paid on purchases and expenses, reducing their overall output tax liability. Also called input credit, GST input credit, input tax credit under GST GST basics GST (Goods and Services Tax) India's unified indirect tax that replaced multiple central and state levies, creating a single national market for goods and services. Also called Goods & Services Tax Invoice processing Invoice Management The end-to-end process of creating, receiving, tracking, approving, and processing invoices for timely payments and accurate financial records. Also called invoice processing, invoice handling, invoice workflow AP automation Accounts Payable Automation Accounts payable automation uses technology to digitise and streamline the entire AP lifecycle, from invoice capture and validation through approval routing, matching, and payment execution. Also called AP automation, payables automation, automated accounts payable
From the blog

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AP Vendor Reconciliation: Process, Format and Example Vendor reconciliation matches your ledger for a supplier with its statement and explains every difference, such as payments in transit, TDS and debit notes. OneFinOps Editorial 3 min AP Accounts Payable Process: Steps, Flow Chart and Controls The accounts payable process runs from purchase order to payment: receive the invoice, match it, book it with GST and TDS, approve, pay and reconcile. Dhatri Medarametla 3 min AP What is 3-Way Matching in Accounts Payable? Process and Example 3-way matching checks the purchase order, goods receipt note and supplier invoice against each other, so you pay only for what you ordered and received. Dhatri Medarametla 3 min
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