Debit memo refers to deduction amount from the bank balance.
In other words, debit memo decreases bank balance.
Debit memo is for service charge, interest on bank loan, loan payment, check printing fee, debit/credit card fee etc.
Credit memo is just apposite of debit memo.
Bank allows interest on deposit amount.
When bank credits interest in the account, it is known credit memo.
Keep in Mind (KIM)
Memo means memorandum Debit memo debited in pass book but credited in cash book. Credit memo credited in pass book but debited in cash book. |
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