Line Credit Note With Negative Amount
Description
How to fill out Line Of Credit Promissory Note?
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FAQ
Definition of credit note A credit note is effectively a negative invoice - it's a way of showing a customer that they don't have to pay the full amount of an invoice. A credit note might either cancel an invoice out completely if it's for the same amount as the invoice, or it might be for less than the invoice.
Collected More Payment than Billed If a customer pays more than the invoiced amount, this creates a negative account balance and the company now owes the difference to the customer.
It is necessary to create a miscellaneous invoice for the amount of the invoice that the credit note was incorrectly applied to. This effectively increases the account receivable for the original client. Next, re-enter the cash receipt and apply it to the proper invoice for the correct client.
Credit notes are negative invoices designed to give a refund on part of an invoice. They're an extension of the original to correct any errors. Think of them like a ?P.S.? for your invoices.
Credit notes are issued to customers following the return of goods, and a copy retained by the issuing company. Every credit note issued should correlate to an invoice and show a negative balance against it.