A credit note is a source document providing evidence that a credit entry has been made in the financial records for specific reasons which are explained on the face of this business document.
A credit note is used basically to modify the invoice already issued and such modifications may be necessary due to the following reasons:
- Return of goods due to either of the following reasons:
- Damaged goods or expired goods
- Not according to specifications mentioned in the order
- More than ordered
- Any change in the number of items in the previously placed order
- Mistake in invoice
- Arithmetic mistake
- Misapplication of discount rate
- Misapplication of sales tax requirements
- Any other mistake giving rise wrong valuation of transaction involved
- Cancellation of order i.e. no sale or purchase transaction took place
+Add Credit Notes
- Contact: Enter the Contact from the drop-down either it would-be a customer or a vendor.
- The currency will be automatically generated according to your base currency.
- Add the Account type from the dropdown
- Enter the Amount
- The complete settlement will fetch out according to the transaction from receive money.
- Click on save.
Accounts modification at credit note
We have modified our credit note screens to have all the accounts except a few accounts for the contacts.