Credit note

A Credit note indicates a return of goods or services. The supplier issues a Credit note to the consumer. It is also known as a Credit memo or Credit memorandum.

Why are Credit notes issued?

A credit note is usually issued for the following reasons:

  • Consumer returns
  • Error in the original invoice
  • Damaged products
  • Error in quantity sold and received by the customer.

A Credit note's contents are as follows:
  • The supplier's name, address, and VAT number (if you are a VAT registered business)
  • Credit note number
  • Date
  • Payment or refund terms
  • Contact details of the supplier
  • Description or reason for issuing a credit note
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