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debit note and credit note
Debit notes are issued during purchase returns but can they debit notes be used to book purchases and expenditure. Is it the same with credit note to book income
Replies (2)
hi, according to my knowledge,debit notes can be used only for purchase returns and for any transaction which have effect of reducing creditor balance like discounts etc., debit notes cannot be used for booking expenditure and purchases,and same applies to credit notes
Credit notes are issued for sales returns to reduce the balances of debtors.
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