Please tell me the actual definition.
Thanks & Regards
Prosenjit Ghosh (Accountant) (55 Points)
24 June 2009Please tell me the actual definition.
Thanks & Regards
RAKESH
(Almost CA)
(2199 Points)
Replied 24 June 2009
Credit Note, Debit Note
Credit Note
Issuing a credit note is almost the reversal of issuing an invoice. The customer must receive a copy in order to repay any VAT claimed, and you can recover any VAT paid. Credit notes, as with invoices, must have a sequential numbering system.
Debit or credit notes to be raised by one party and received by the other within one month of being discovered or agreed: further, in the ''details' section of the note, a reference to the reason for the note ('damaged goods', 'not delivered/received') the invoice number and date (see section 7. HM Customs & Excise 'The VAT Guide' for full details).
Debit Note
The answer to most of these problems is to have a simple, effective and efficient system for customers to inform you of the issue at hand. For instance: if your customer gets a short delivery or goods are damaged in transit or the customer no longer requires some part of your goods/service, the customer (with your carefully considered authority) can issue a debit note to you for the amount in 'dispute'.
For example:
Invoiced Amount | Rs 300.00 |
Customer sends to you | |
Debit Note for damaged goods | Rs. 30.00 |
Cheque for | Rs. 270.00 |
|
vishal
(DMO)
(30 Points)
Replied 01 October 2009
I want to know in the case of issueing Credit note, could we get VAT rebate.
Neelima
(Admin Cum Accountant)
(21 Points)
Replied 27 November 2013