Nitin Kabra (Senior Accounts Officer) (66 Points)
12 December 2013Dear reader
I have a query regarding the validity of Debit note in place of retail invoice i.e. whether a debit note is valid if it is issued by the vendor with whom no contract is made or only the distributor can issue the debit note for goods purchased
overall the validity of debit note i wanna ask
your comments highly appreciated in this regard
Subhash
(None)
(122 Points)
Replied 13 December 2013
Hello Sir,
A debit note is a note indicating the amount owed by a person.
It can serve the same purpose as an invoice.
A debit note is to be issued by the purchaser and not a vendor since the purchaser owes money to the vendor for the value of goods purchased.
It will be a Credit Note if issued by Vendor.
Validity:
Debit Note will be valid till the payment has been done by the purchaser to the vendor.
If there was no contract and the vendor has not supplied the goods, Debit Note is invalid.
Sachin More
(MBA-Finance Executive - accounts & Finance)
(422 Points)
Replied 17 December 2013
| Originally posted by : Subhash | ||
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Hello Sir, A debit note is a note indicating the amount owed by a person. It can serve the same purpose as an invoice. A debit note is to be issued by the purchaser and not a vendor since the purchaser owes money to the vendor for the value of goods purchased. It will be a Credit Note if issued by Vendor. Validity: Debit Note will be valid till the payment has been done by the purchaser to the vendor. If there was no contract and the vendor has not supplied the goods, Debit Note is invalid. |
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