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1. When a buyer returns goods to the seller, he sends a debit note as an intimation to the seller of the amount and quantity being returned and requesting return of money.
2. A debit note is sent to inform about the debit made in the account of the seller along with the reasons mentioned in it.
3. The purchase returns book is updated on the basis of the debit note. (In case of return of goods)
4. It is often used to return goods on credit.
5. A debit note is generally prepared like a regular invoice and shows a positive amount.
6. A journal entry to record a debit note is
Sales Returns A/C Debit To Debtor’s A/C Credit
Credit Note
1. When a Seller receives goods (returned) from the buyer, he prepares and sends a credit note as an intimation to the buyer showing that the money for the related goods is being returned in the form of a credit note.
2. A credit note is sent to inform about the credit made in the account of the buyer along with the reasons mentioned in it.
3. The sales return book is updated on the basis of the credit note. (In case of return of goods)
4. It is generally sent by the seller if the goods are found incomplete, damaged or incorrect.
5. A credit note generally shows a negative amount.
6. A journal entry to record a credit note is
Creditor’s A/C Debit To Goods Returned A/C Credit
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