A credit note is a document that records transactions such as returns or invoice corrections and fully or partially reverses sales transactions. If a credit note is created after an invoice has been issued and the goods have been delivered, the quantity and monetary values are corrected.
The stock levels are increased by the item quantities listed in the credit note and the customer account balance in the accounting system is credited accordingly. At the same time, the Revenue account adjusted by the corresponding amount. The system automatically corrects tax amounts to ensure accounting accuracy.
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