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What is the difference between a debit note and a credit note?

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Question ajoutée par Alex Asare
Date de publication: 2016/09/15
Muhammad  Shehmeer
par Muhammad Shehmeer , Project Engineer , Surooh Al Jazeera Company, Saudi Arabia|

 Debit Note and Credit Note are used while the return of goods is made between two businesses. Debit Note is issued by the purchaser, at the time of returning the goods to the vendor, and the vendor issues a Credit Note to inform that he has received the returned goods.

Adrian Pereira PMP MIWFM CIPS
par Adrian Pereira PMP MIWFM CIPS , Regional Facilities Management - Middle East, Africa & Turkey , The Coca-Cola Company

You issue a debit note to someone who owes money to you i.e. debit note is the same as an invoice. Example: You supplied a product or service to a customer and issued him a debit note. A customer would settle the debit note by usually paying you the amount as per the debit note.

 

You issue a credit note to someone whom you need to pay. Example: A customer paid you for 100 units of a product but you supplied them with 50 units. You would then issue a credit note to the customer for an amount equivalent to the undelivered 50 units. The credit note can be settled by either paying back the amount to the customer or adjusting the amount against supply of other goods/services to the same customer.

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