what is the difference between credit and debit note?
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Answer / abdul haseeb
In Simple words
Debit Note: Sale return's note is debit note.
Credit Note: Purchase Return's note is Credit Note.
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Answer / dinesh upadhyay
A Credit Note or Credit Memo is a document used to adjust
or rectify errors made in a sales invoice which has already
been processed and sent to a customer. If you have already
sent an invoice to a customer but now need to provide a
credit for that invoice, you would send them a Credit Note
or Credit Memo.
A Debit note is a document used to adjust or rectify errors
made in purchase invoice which has already been processed
and sent to supplier. if you have alreadty sent an invoice
to a supplier but now sent to provide a debit for that
invoice,
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Answer / rajesh kumar verma
Credit Note: It is prepared by trader when he sold goods to
costmer and costmer returnd to trader any parts of goods
then trader issue credit note to costmer.
Debit Note: It is prepared by trader when he purchase goods
by wholesaler and trader returnd to wholesaler any parts of
goods then trader issue debit note to wholesaler.
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Answer / zakir khan
what entry will be passed when we create Credit Note
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Answer / anjali
from business point of view
debit note is a purchase return. it is issued by the company
(debtor) to supplier (creditor) because of bad quality or
any other reason.
credit note is sales return. it is issued by the customer
(debtor) to the company (creditor)
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Answer / subhankar saha
Credit note is one that relates to sales return. When
supplier sold goods to customer and the customer returned
some parts of goods . Then for such parts of goods it is
issued by supplier to costomer.
Debit note is one that relates to purchase return. when
purchaser bought goods from supplier and some parts of the
goods returned by him. Then for such parts of goods it is
issued by purchaser to supplier.
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Answer / sagar mehta
debit note is as good as a invoice, which shows the
liability of the other party to pay the amount or/and adjust
the same ....
hence in case of purchase return debit notes are issued
....if one cant understand the above , he cant understand this.
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Answer / soumendra
Credit note is issued by the supplier in case the buyer
return the goods for any genuine reason and that enables the
buyer to purchase from the supplier with respect to that
amount in future date.Where as the debit note issued by the
buyer to the supplier when the goods are returned to the
supplier.
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Answer / thamim
CREDIT NOTE:
LIKE REDUCE THE ACCOUNTS RECEIVABLE - MATERIAL RETURN FROM
CUSTOMER SIDE
DEBIT NOTE:
LIKE PURCHASE RETURN
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Answer / rakesh byagoti
We can make so many difference. simply we can say that
credit note mean sales returns which is usually given by
supplier or seller to his customer inorder to inform that
his a/c has been credited.
debit note is vice versa of above
secondly credit note is when bill excess to the customer
and debit note is when bill short to the customer.
Rakesh byagoti
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