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Accounts Receivable MCQs

Correcting inaccurate invoices is usually accomplished in four ways. Which of the following is the best way?

Issuing of credit memo for the incorrect amount

Instructing the customer to short pay the invoice, then processing an adjustment for the difference

Issuing corrected "original" invoice, i.e. invoice with the same number as that of the original, incorrect one.

Issuing a credit memo for the entire amount of the inaccurate invoice and rebilling the correct amount under a new invoice number

Answer

Correct Answer: Issuing of credit memo for the incorrect amount

Explanation:

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