Debit note: When goods are returned by the customer to the supplier due to wrong quantity or quality of product, rate difference, discount, commission, etc is known as debit note. it is also known as purchased return.
Credit note: It is a official or commercial document which is provided by supplier to the customer.
How to activate the debit note and credit note?
- Press F11 -->accounting features
- accounting features --> activate use debit and credit note
- activate use debit and credit note --> yes-->Activate use invoice mode for credit note
Activate use invoice mode for credit note --> yes --> Activate use invoice mode for debit note --> yes
Then accept it.
After accepted, go to
Accounts info. --> Ledger
Ledger --> create
Following items are created in ledger creation:
· Sales return --> when double vat impose then different sale return are created in ledger creation. E.g. sale return 12.5%, sale return 4% separately etc. it is under the sale account. When it is under the list of tally then activate used in vat return and select the sale return. Otherwise not activate the vat return.
Credit note: It means when items or stock are destroyed then it will be returned by the customer. So, for this purpose credit note is prepared. And balance amount shown in profit and loss. It is under the sale account.
After the ledger creation then go to accounting voucher. Then CTRL +F9
· for single vat press F12 and deactivate common ledger account for item allocation.
. For double vat press F12 and activate common ledger account for item allocation.
Following procedure is followed to fill the credit note:
Cost center class: sale return or prior period is written.
Date: when stock is purchased then date is written according to purchased stock. And voucher date press F2. For change the period ALT + F2.
First of all party name: when stock are borrowed from party then party name. But when purchased in cash then cash is written.
Sale ledger: In sale ledger is written sale return 12.5%. In other words we can say that when you have prepared the sale vat then press any key then list of ledger creation is opened.
Name of items: press any key then list is opened and select those items which are returned by the customer. All the items which are shown in stock items are recorded with quantity, rate, and amount. Narration is being also very necessary. Rate is being selected which are shown in standard rate of stock item. After vat imposed accept it.
After that, amount is automatically deducted from the profit and loss account.
How to see the purchase amount?
· Gateway of tally --> profit and loss
· Profit and loss --> press ALT F1 to see the further detail.
For advance or more detail press f12.