Understanding Debit & Credit Notes in Tally (How to Create & Record in Tally)

A debit note is a document issued by a buyer to a seller, indicating that the buyer has returned goods or seeks a reduction in the amount owed. It serves as a formal request for an adjustment to the invoice.

A credit note is a document issued by a seller to a buyer, acknowledging that the buyer is entitled to a credit for returned goods or overpayments. It serves as proof of the transaction adjustment and can be applied to future purchases.

In summary, a debit note signals a claim by the buyer, while a credit note represents the seller's acknowledgment of that claim.


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