Credit Note

Tax Glossary Definition

Credit Note

A credit note is a document issued by a seller to a buyer to reduce or cancel part of the amount previously billed on an invoice. It is commonly issued in cases such as goods returned, overbilling, or discounts allowed after invoicing. The credit note serves as a record of adjustment in the seller’s and buyer’s accounts.

Example: A seller issues a credit note when goods are returned by the buyer, thereby reducing the original invoice amount.

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