A credit note or credit invoice is a document issued by a supplier to a customer as a refund for returned goods or as a correction to a previous invoice. It is proof of settlement and is used to reduce outstanding debts or as a credit for future purchases.
What requirements must a credit note meet?
According to Dutch laws and regulations, a credit note must include the date of issue, the identity of the supplier and customer, a clear description of the returned goods or services, the amount credited and the reason for the credit. It must also comply with invoicing requirements, including a unique invoice number and the VAT amount.
What is the difference with a storno?
A credit note is issued for refund or credit, while a storno is a cancellation of a previous transaction. In accounting entries, a credit note is booked as negative revenue, while a storno reverses the earlier entry.
How do you process a credit note in TriFact365?
Credit invoices can be booked through TriFact365 in different ways, depending on the accounting software. For example, for certain accounting software, the “Credit Invoice” option can be ticked. For other accounting software, amounts on the posting lines are made negative by placing a minus sign. For more information, click here.