What is the difference between a debit note and a credit note?
What is the difference between a debit note and a credit note?
1 Answer
Aicountly Accounting Guide
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A credit note is issued by the seller to reduce the amount a customer owes, for example when goods are returned or a discount is given after the invoice. A debit note is issued to increase an amount owed, or by a buyer to the supplier to return goods or claim a reduction in a purchase bill.
Each adjusts the original invoice, so it should refer to that invoice. Under GST, both are recorded against the original supply so that tax is adjusted correctly.
Aicountly Accounting Guide · 49m ago
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