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+--- Thread: Debit and Credit Note (/thread-debit-and-credit-note)
Debit and Credit Note - KAP911 - 12-22-2010
Dear All,
Need your expert opinion on the below mentioned query.
We supplied material in Oct 2009 to one of our customer. Thier inspection department rejected some material and returned to us. We did not accept thier claim and the matter is still pending (One year and two months). Thier accounting department did not make the full payment and refused to issue the debit note as they did not book the rejected material. Now I want to know can I issue credit note from my end? They are also registered with sales tax department and as per law they will have to issue the debit note which they have already refused. it is been 14 months now.
Rgds,
Amin
- KAP911 - 12-23-2010
Seems no one has got any clue about my query!
- Information Consultant - 12-23-2010
Amin ap yay batain ap nay apni books may invoice record karli kia us party nay ap ko wo invoice recieved karkay di thi normally hum apnay record may wohi invoice laitay hain jin ki recd copy hamaray pass hoti hay agar recieving hay total qty ki to ap party say baat karain debit note ki laikin agar part nay wo invoice rejeted qty ko hata kay book ki mujhay chk karna paray ga is condition may koi time limitation to nahi hay .
- KAP911 - 12-24-2010
The party has booked the partial invoice and already made payment. Our Sales department over looked the matter and now in books of account we have shown the reverse entry but the only issue is sales and special excise duty for return which we could not claim as they refused to raise the debit note. Now in this situation our company has to bear the cost of sales tax and SED. I have checked the Sales tax act which says you must have debit note if the goods are sold to registered person.
- Information Consultant - 12-25-2010
Suppose ap nay party ko Rs 150 ki invoce ki or return may claim karli party nay apnay pas Rs 100 ki invoice claim ki or Rs 50 ka saman ap ko wapis day dia return submit karnay say phalay is condition may to uskay end per return goods huay nahi to wo ap ko debit note day ga to justify kia karay ga kay yay kis invoice kay against may debit note issue kar rha hay ap ki books may Rs 50 ka outstanding us invoice kay against may ata rhahay ga apko yay cost bear karni paray gi kuonkay yay apkay internal control ka issue hay
- casangeeta.gvt - 01-13-2011
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by KAP911</i>
<br />Seems no one has got any clue about my query!
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Dear KAP911,
If the purchaser who has returned the goods is not issuing the debit note on the grounds that he has not accounted for the invoice of rejected material,the seller can go ahead with issuing the credit note for accounting purpose. This is the practice generally followed.