Debit & credit note

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 June 2012 I have made sales and material is returned....In this case i have to issue Credit note or party can issue Debit Note to me.....i just want to ask whose responsibility is to issue note?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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06 June 2012 Normally the buyer issues a debit note to the seller along with the rejected/returned material.

The seller can thereafter issue a credit note as a proof of acceptance of debit note raised by the buyer.

The flow will be as under:

1. Issue of invoice along with material.
2. Rejection/return of material by buyer along with debit note.
3. Receipt of material and issue of credit note by seller.

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