Credit Notes- What Are They and How Are they Useful To Receivables and Payables

Credit Notes- What Are They and How Are they Useful To Receivables and Payables

Credit notes are an important financial instrument that play a key role in accounting transactions – accounts receivable and accounts payable. Credit notes are normally used to correct overcharges, wrong item delivery or service cancellations.  Credit notes are represented as a credit memo which adjusts the invoice value of goods and services. They are a…