Accounting

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Nitin Kabra

Senior Accounts Officer

33 Points Posted on 12 December 2013

Dear 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

Replies (2)

Subhash

None

114 Points Posted on 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 & Fina

147 Points Posted on 17 December 2013

Originally posted by : Subhash
	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.