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Business Chapter 32
Invoices, Credit Notes and Debit Notes
| Question | Answer |
|---|---|
| What is an invoice? | A bill sent by the seller to the buyer giving details of how much the buyer owes |
| What does a credit note do? | Reduces the amount the buyer owes the seller |
| When is a credit note issued? | If the goods are returned for any reason, overcharging, if the buyer was billed for goods not delivered |
| What does a debit note do? | Increases the amount the buyer owes the seller |
| When is a debit note issued? | Undercharging, received goods not charged for |
| Explain the term E&OE and where it goes. | Errors and Omissions Excepted, any mistakes discovered later can be corrected. |
| Steps for dealing with an incoming invoice. | Compare with original order and quotation, check against delivery docket, check all calculations, send to accounts dept (write up purchases day book and ledger accs and arrange payment), file the invoice |
| Steps for dealing with an outgoing invoice. | Compare prices with quotation, check buyer address, check calculations, send to accounts dept (write up sales day book and ledger acc) , file a copy of invoice |
Created by:
stellamcb
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