Credit/Debit Note

Whenever an adjustment is made with respect to an invoice raised earlier by reason of say return a post-sale discount etc A credit/debit note is created based on the situation

In case an advance is returned a refund voucher is created let's try to create an invoice which is already entered in the software To create a credit note, click on the CDN button The invoice details will already be shown on the screen Let's write the note number as CN1

We have the note date as let's say 2nd January Note type: let's say it's a credit note Let the note reason be sales return The contact details will be shown automatically In the item drop-down list, we select the item we have sold and let's say we are returning Rs 10,000 of this item

We save the invoice, the details will be shown in the screen Let's see how this will be shown in returns In GSTR-1 this will be shown in Credit/Debit Notes (Registered) and in GSTR-3b this will be shown as an adjustment in the outward taxable B2B supplies So earlier it was 20,000 now it's 10,000 Thank you

Source: Youtube

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