Please tell me the actual definition.
Thanks & Regards
Prosenjit Ghosh (Accountant) (55 Points)
24 June 2009Please tell me the actual definition.
Thanks & Regards
RAKESH
(Almost CA)
(2199 Points)
Replied 24 June 2009
Credit Note, Debit Note
Credit Note
Issuing a credit note is almost the reversal of issuing an invoice. The customer must receive a copy in order to repay any VAT claimed, and you can recover any VAT paid. Credit notes, as with invoices, must have a sequential numbering system.
Debit or credit notes to be raised by one party and received by the other within one month of being discovered or agreed: further, in the ''details' section of the note, a reference to the reason for the note ('damaged goods', 'not delivered/received') the invoice number and date (see section 7. HM Customs & Excise 'The VAT Guide' for full details).
Debit Note
The answer to most of these problems is to have a simple, effective and efficient system for customers to inform you of the issue at hand. For instance: if your customer gets a short delivery or goods are damaged in transit or the customer no longer requires some part of your goods/service, the customer (with your carefully considered authority) can issue a debit note to you for the amount in 'dispute'.
For example:
Invoiced Amount | Rs 300.00 |
Customer sends to you | |
Debit Note for damaged goods | Rs. 30.00 |
Cheque for | Rs. 270.00 |
|
vishal
(DMO)
(30 Points)
Replied 01 October 2009
I want to know in the case of issueing Credit note, could we get VAT rebate.
Neelima
(Admin Cum Accountant)
(21 Points)
Replied 27 November 2013
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"