What is Debit Note and Credit Note? Complete Guide
eazy bills
Business
2 months ago
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A Debit Note and Credit Note are essential documents used in accounting to adjust or correct transactions. A Debit Note is issued by a buyer to the seller when there is a need to increase the amount owed, often due to returns, pricing errors, or additional charges. Conversely, a Credit Note is issued by the seller to the buyer when the amount owed needs to be reduced, typically due to returns, overbilling, or discounts. Both notes help maintain accurate financial records, ensure proper billing adjustments, and reflect changes in the transaction amount for both parties involved.
A Debit Note and Credit Note are essential documents used in accounting to adjust or correct transactions. A Debit Note is issued by a buyer to the seller when there is a need to increase the amount owed, often due to returns, pricing errors, or additional charges. Conversely, a Credit Note is issued by the seller to the buyer when the amount owed needs to be reduced, typically due to returns, overbilling, or discounts. Both notes help maintain accurate financial records, ensure proper billing adjustments, and reflect changes in the transaction amount for both parties involved.
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