Purchase return book or purchase return register. Sales return book or sales return register. Which accounts book is updated on issuance? It also includes the reason for issuing the credit memo.Ī Credit note is a written document stating sales return, where the seller intimates the buyer that the money for which the debit note is sent is being returned or adjusted.ĭebit note is a written document stating purchase return, where the buyer intimates the seller that they’re returning some goods that they have bought and mentioned the reasons behind it. Name and address, a list of items, prices, quantities, and the date of purchase are other significant pieces of data found on a credit memo.Īll of this information helps a seller to keep track of inventory. Most credit memos feature the purchase order number, as well as the terms of payment and billing. Customer overpaid the original invoice.Ī credit memo usually holds several pieces of important information.
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