Line Credit Note With Customer
Description
How to fill out Line Of Credit Promissory Note?
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FAQ
A credit note is issued when a seller locates a discrepancy in an existing invoice, for instance, by charging an incorrect amount or when a buyer returns the goods. It represents the amount that was paid in excess by the buyer and is due to be returned to them by the seller.
For example, if a product originally priced at Rs. 100 is incorrectly invoiced at Rs. 150, then a credit note of Rs. 50 will be issued by the vendor.
A credit note is a legal document issued by the seller of goods and/or services to the buyer against a previously recorded invoice. It shows the amount of money owed by the seller to the buyer.
The journal entry passed when a credit note is issued: Creditors' Account ? Dr. To Goods Returned Account ? Cr. A debit note is issued to the seller of goods by the purchaser while returning goods purchased while a credit note is issued to the purchaser of goods or the customer by the seller of goods.
Here's the essential information to include on all credit notes: The words ?credit note? at the top. Customer information. Your business information. Date issued. Credit note number. Original invoice reference number. Item descriptions, quantities, and prices. Total amount credited.