Customer Debit / Credit notes – An overview

Introduction

Debit and credit note facilitate capturing of financial information on post invoice changes in quantity, price and tax / charge / discount on procurement of goods and services.  A credit note raised on the Customer increase the liability and debit note raised on the Customer decreases the liability of the organization recording the transaction. Based on the functionality, the debit / credit note can be account based and item based.

Feature Highlights

• Provision to define account numbers into which the note amount should be posted.

• Facility for automatic application of credit notes against pending documents.

• Support for Electronic payment.  

• Support to record a debit note of one business unit as credit note in the Payables management of the referred business unit and vice versa.

List of Activities