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ReportWhat is the difference, in Accounts Payable, between Corrective Credit Memo and Cancel?
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What is the difference, in Accounts Payable, between Corrective Credit Memo and Cancel?
Thank you, for explaining that so well, MahGah!!!
John
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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