A credit memo is simply a list of all items received. This documentation is critical for accrual and end-of-month cut-off totaling to ensure accuracy of the accrual.

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A credit memo is not simply a list of all items received. It is a document issued by a seller to a buyer that indicates a reduction in the amount due or a refund of an overpayment made by the buyer.

A Credit Memo Is Simply a List of All Items