What is debit note & credit note | debit note | credit note | Credit note & Debit note explained

Описание: From this video you will learn What is debit note & What is credit note & how it works, Details to be covered in Debit note and Credit note,Differences between Credit note and Debit note, Uses of credit note, Uses of Debit note for beginners in english.

Debit note:
The client or the buyer or the customer issues this note to the seller, or service provider or the supplier in order to request the client to refund or adjust the payment made in the event of faulty goods sold or the goods are not up to the mark

Credit note:
A credit note is issued by the seller to the buyer, if the seller failed to deliver the product or service on time. The supplier voluntarily comes forward to refund the invoice in part or whole. As the invoice once created cannot be deleted, thus a credit note must be issued for adjusting the payment.

Details to be covered in Debit note and Credit note:
Name, address and GSTIN of the supplier and also of the recipient if registered.
Nature of the document, whether it is a Credit note or a Debit note.
A consecutive serial number containing only alphabets and/or numerals, unique for a financial year.
Issued date of the document.
Serial number and date of the corresponding tax invoice or, bill of supply.
The taxable value of the goods or services, rate of tax and the amount of the tax credited or, debited to the recipient.
Signature of the supplier or his authorized representative.

Differences between Credit note and Debit note:
The difference between credit note and debit note is that in Credit notes you record money that you owe to the customer or the client due to a downward revision in an invoice and in Debit notes, you record the money that the customer owes the seller due to the upward revision in the invoice.

Uses of credit note:
The main use of the credit note is that it permits a buyer to buy a good or service from the retailer on a future date in a form of credit. A credit note is generally a gesture of proof and evidence to a buyer who requires to return earlier purchase the product rather than repayment of cash

Uses of Debit note and when it is issued:
A customer prepares and sends it to the seller in case of purchase return.
Issued by buyer, on receiving damaged goods or less quantity than ordered.
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