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Updated on 3/14/2019
Help by Modules latest
Accounting Debit Transactions
Direct link to topic in this publication:

Accounting Transactions from Purchase Module.



Debit Note : Saved


A debit note is just opposite to a purchase invoice, hence accounting impact also will be reversed.


A/c Payable dr xxx


Loss on return dr xxx


To Stock xxx


Accounting entry interpretation


Debit


A/c Payable: indicates the creditors list towards whom company is owing money for the goods purchased. By posting A/c payable to the debit, it denotes the deduction in liability.


Loss on return: Shows any expenses/loss incurred at the time of returning the product.


Credit


Stock: refers the total quantity given back.


Debit note : Cash received


When cash is paid against a credit note, following accounting entry is made under receipt journal.


Payment by cash dr xxx


To Apply/Refund debit note xxx


Accounting entry interpretation


Debit


Payment by Cash : indicates the mode by which company receives the amount for good returned to suppliers.


Credit


Refund debit note: refers the deduction in liability. It ultimately impacts by reducing 'A/c payable' which was created at the time of purchase.


Debit Note : Partial amount revived


When partial amount is refunded, the same is shown under history tab of Debit Note document. Amount received will be shown under payment journal.