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Reverse entry of debit note

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SREEKRISHNA MANDIR

1 Points Posted on 25 February 2021

Dear concern,

how to make reverse jv of debit note? as i made debit note in fy 19-20 because of defective materials but in fy 20-21 after 10 months the creditors sent us the fresh material whatever was defective. i made the debit note including IGST. i have made full payment also while receiving first time materials because of new party. In the fy 20-21 it is showing in tally debit balance in creditors book. now how to make reverse entry of i made a debit note of previous year including IGST. kindly help me?

Replies (2)

Quick Summary

This discussion addresses how to reverse a debit note issued in a previous financial year (FY 19-20) due to defective materials. The supplier has since sent replacement materials in FY 20-21, but the original debit note, including IGST, is still showing a debit balance in the creditor's ledger. The user is seeking advice on the correct accounting entry, particularly concerning GST and the potential need for a credit note.

yasaswi gomes

My grammar is 💯 good I

7306 Points Posted on 25 February 2021

I heard, for every debit note issued, there will be a corresponding credit note issued. Create Credit note in Tally ERP 9 gst,credit note entry example (tallygame.com) you will find the process of entering creidt note