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Credit Memo
A document issued by a seller to a buyer, reducing the amount owed by the buyer due to a return, error, or allowance.
Merchandise Returned
Refers to goods that have been sold and then returned by the customer due to various reasons such as defects or dissatisfaction.
FOB Shipping Point
A term used in shipping contracts to indicate that the buyer is responsible for the goods and shipping costs from the point of origin.
Perpetual Inventory System
An inventory tracking system that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.
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