According to Quick Books, a credit note must include a header stating it is a credit note, a customer name, the customer's address and a reference number. The body includes an explanation for why the credit note is issued, along with corrected prices. The end of the note includes the subtotal, total and total after taxes.Continue Reading
Quick Books says businesses issue credit notes to correct a previous invoice. When a customer receives an incorrect invoice and pays the full balance reflected on this invoice, a business can credit the customer back for the overpayment or mistaken payment using a credit note. The credit note needs to include all of the information in the original invoice along with the changed balances for record-keeping purposes.
Businesses write credit notes as reverse invoices, according to Microsoft. This means they retroactively take products back in stock or simply reverse an existing invoice if the product remains with the customer. The format of the credit note is not important, as long as businesses state all of the necessary information clearly. Businesses can also add a credit note to online bookkeeping software to keep track of outdated invoices, product stocks, taxes and annual income. The customer must receive a copy of the credit note for his records.Learn more about Credit & Lending
The Value City Furniture, or VCF, credit card application requires that applicants give their name, address, phone number, email and date of birth, and it also asks for a social security number, housing details, monthly income and the initial purchase amount, as Synchrony Financial indicates. Applicants may read about the card's interest rates, penalty fees, and other terms and conditions on the online application page.Full Answer >
Examples of a credit instrument include any written evidence of a debt such as a promissory note, a bond or a loan, according to Cornell University Law School. USLegal.com explains that a credit instrument in the gaming industry is written evidence of a gaming debt owed to a person who has a non-restricted license at the time the debt is created.Full Answer >
The difference between credit and debit, relating to a bank card, is that credit allows a purchase without immediate funds based on the customer's trusted and proven ability to pay, while debit is an actual debt recorded in an account, as defined by Dictionary. In bookkeeping and accounting, a credit is a payment to an account, and a debit is a debt on an account, according to Bookkeeping Basics.Full Answer >
Only people with power of attorney or who work for a business with a specific need to see a customer's or applicant's credit score can run credit checks. Businesses must get the permission of the person on whom the check is being run.Full Answer >