sales pur

[Former Member]

what do u mean by sales credit a/c and purchase credit a/c in gl determination and it use also ?

regards,

prem

[former_member583013]

Sales Credit Account refers to the G/L Account to be used when processing A/R Credit Memo. This will be the reversal of Sales Revenue and most times the Sales Revenue Account is used as the Sales Credit Account.

Purchase Account is the same but for the Purchase side.

Suda

[Former Member]

Hi Sudha,

I th. Sales Credit a/c shd. be written as Sales Debit A/C.But the term credit used in it making me cinfuse.Can u clear the concept.

thanks,

LN Gupta

[former_member583013]

Sales Credit means Crediting a Sale. Though the JE transaction results in a Debit of Sales Revenue, the business transaction used is Credit Memo and thats probably why it is called Sales Credit Account.

Suda