What is a bank debit memo?
submitted by Owen Cash

rhembles

A bank debit memo is like a note from the bank telling you they took money out of your account for some reason. It could be a fee, or just an account correction. It helps you keep track of why your balance changed and makes it easier to match your records with the bank's. Great for bank rec.

Noodles Macintosh

It's the bank telling you they had to reduce your account total for some reason. When they have to make an adjustment, like bank fees, returned checks, or errors in previous transactions, they might have to lower your balance to make it right.