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Corrective Credit Memo and Cancel

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Posted on by 3,476

What is the difference, in Accounts Payable, between Corrective Credit Memo and Cancel?

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  • john.ellis Profile Picture
    john.ellis 3,476 on at
    RE: Corrective Credit Memo and Cancel

    Thank you, for explaining that so well, MahGah!!!

    John

  • Verified answer
    MahGah Profile Picture
    MahGah 15,395 on at
    RE: Corrective Credit Memo and Cancel

    This is how someone explained it to me

    1) Cancel means you do not want to collect that invoice. Hence no AP

    2) Corrective mean you want to collect that invoice but you need to correct the amount. Hence, correct amount AP.

    Please note both cancel and corrective action create cancel credit memo. But corrective creates new invoice that you can correct and post (one extra step).

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