Credit Note

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 December 2009 Dear Friends,

I need to write off one sale bill of previous year.

is it possible to pass a credit note for this?
because the accounts of previous year has already closed or it should be Bad debt.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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01 December 2009 Pass a credit note

Amol Suresh Sinkar

Amol Suresh Sinkar (Expert)
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01 December 2009 You Can Pass the Credit Note in the Current financial year also. But you can claim the Credit of Vat on Sales Return if the Goods are being Return within six month from the date of sales.

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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13 December 2009 If the transaction is of goods return then credit note has to be passed. But in case its non recovery of sales proceeds then it should be transferred to bad debts.