Understanding the concept of Debit Note and Credit Note : In Accounting, you issue an invoice for Sale or receive an invoice for Purchase. When for Purchase & Sale, an invoice is used, then why Debit note and Credit note also are issued? Debit Note : What is Debit Note Means? While accounting Purchase, the Vendor account will get Credited for the liability to pay. Sometimes the payable may need to reduce due to Purchase returns or discount offered after receipt of an invoice etc.. While reducing liability for payment, the…
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