all credit notes are numbered consecutively and filled properly for ?
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Answer:
There comes a time when humans err in making an entry or a transaction. These cases often lead to anomalies and a further reconciliation is required between the interacting parties to make correct, such anomalies. This can happen due to a machine malfunction as well. Such an erroneous situation leads to the creation of what we call as Debit Notes or Credit Notes, wherever applicable.
Whenever there are value related errors, these documents come into play. Whether it is an upward revision or a downward revision in prices, they are always catered with the help of debit or credit notes. It is not just in India that these documents are used, but are used across the globe in generally accepted accounting parlance.
In this article, we’ll explain what are debit notes and credit notes in the context of GST. Find out, in which situations you should create these vouchers.