ZIMSEC O Level Commerce Notes: Credit Note and Debit Note
- I issued by a supplier to a buyer.
- It is usually printed in red or pink.
- It is used when a supplier owes the buyer money.
- It shows the flow of money in the opposite direction i.e. from the supplier to the buyer.
- It allows the buyer to use a gift card.
- It shows:
- The names and addresses of the buyer and seller.
- The credit note number.
- The overcharged amount if any.
- The reduction of the amount owing.
- The date on which the note was issued.
- It is used to correct an overcharge arising from:
- Return of empty bottles e.g. a seller of soft drinks that are packaged in recycled bottles.
- When an invoice is overstated.
- When goods are returned to the supplier for various reasons e.g. they do not match the buyer’s order.
- Return of damaged goods.
- The delivered goods were short i.e. they were less than those stated in the send invoice.
- Is issued by a supplier to a buyer.
- It acts as a supplementary invoice i.e. an additional invoice.
- It shows:
- The names and addresses of the buyer and supplier.
- The amount of undercharge or the amount to be paid.
- The date on which the debit note was issued.
- The debit note number.
- It is used when:
- Requesting a buyer to top up for payment of goods already delivered.
- Correcting an undercharge.
- Goods were under invoiced.
- Goods were over supplied.
To access more topics go to the Commerce Notes page.
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