Debit and credit notes

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 February 2013
I m Confused with what is a debit notes and credit notes and who issue it and where the following entries can be checked during audit ?

Please HELP with details

Rajnish Singh

Rajnish Singh (Expert)
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06 February 2013 Dear sir,

Debit note is reffer to the documents which is raised the balance if it is issue to debtors. and less the balance if it is issue to creditors.

Credit note is vice versa.

in simple word.

when you have no need to pay to creditors than raise debit note.

when you have to collect some extra income other than sale with debtors than issue debit note.

credit note is just opposite of this thing.

thanks

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