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Please anybody explain me debit note & credit note & their
importance in accounts?
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Answer Posted / h.r. sreepada bhagi
Debit Notes (DN) are used to charge any amount (Other than
Sale of products or services)to another party. (For example
to claim reimbursement of expense incurred on behalf of
another party, DN is used). Likewise for Purchase Returns
also Debit Note is used.
Credit Notes are used to give credit (Other than Purchase of
Goods or Services)to another party. (For example to give
credit towards expenses incurred by another party on behalf
of a firm). Likewise for Sales Returns also Credit Note is used.
These two are important as these are the accounting
documents signifying a transaction between 2 separate
business entities having monetary implications.
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