LEARN CREDIT NOTE
BUSINESS GLOSSARY 2022 SERIES
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WHAT IS A CREDIT NOTE IN BUSINESS?
CREDIT NOTE ALSO CALLED CREDIT MEMO.
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WHAT IS A CREDIT NOTE IN BUSINESS?
IT IS A DOCUMENT ISSUED BY SELLER TO BUYER TO NOTIFY THAT BUYER HAS BEEN CREDITED A CERTAIN AMOUNT .
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EXAMPLE WHEN CREDIT NOTE IS ISSUED.
SUPPLIED GOODS ARE DAMEGED.
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EXAMPLE WHEN CREDIT NOTE IS ISSUED.
SELLER CHARGED MORE THEN THE ACTUAL PRICE.
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EXAMPLE WHEN CREDIT NOTE IS ISSUED.
ELIGIBLE DISCOUNT NOT APPLIED ON INVOICE.
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CREDIT NOTE ISSUED UNDER GST.
INVOICE TAX VALUE IS GREATER THAN ACTUAL.
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CREDIT NOTE ISSUED UNDER GST.
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APPLIED TAX RATE IS HIGHER THAN APPLICABLE GST.
CREDIT NOTE ISSUED UNDER GST.
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INVOICE QUANTITY IS GREATER THAN ACTUAL SUPPLIED.
MUST HAVE INFORMATION ON CREDIT NOTE
ISSUE DATE
NUMBER & INVOICE NUMBER
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MUST HAVE INFORMATION ON CREDIT NOTE
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PAYMENT TERMS
CONTACT DETAILS
TIME LIMIT OF ISSUING CREDIT NOTE.
ON OR BEFORE 30 SEPTEMBER .
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ON OR BEFORE THE SUBMISSION OF ANNUAL RETURN .
OR
FOR A FINANCIAL YEAR WHICHEVER IS EARLIER
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