what do you mean by "raising a credit note" in credit control?

Question

i appriciate all the answers you guys send me, once again i am hoping that you will send me answers making me understand better, cheers.

Answer 1

if a company says i owe them some money, credit controll may call me from that company.

If I make them aware of a matter that is stopping me paying my bill, say an item was not delivered, they may raise a credit note for the amount i quert.. ie give me a refund for that amount, so reducing my bill to the amount i agreed i owed.

Answer 2

If you sell something in a business, you will raise and Invoice... which needs to be paid within a certain time period... say 30 days. Raising means producing.
If the goods are faulty, wrong etc, they will be returned and a credit note will need to be raised.. or produced for the value of the goods.
So the amount that the creditor (those that owe the money) need to pay is the value of the invoice less the value of the credit note.
So raising just means producing
A credit note is the opposite to an Invoice
Hope this helps

Answer 3

While most of the answers I've read here are what i would recommend there are a couple no one mentioned. Like calling creditors and trying to get them to lower the interest rate to something more managable so that you can get in under control (can you believe some people are paying more than 30% interest). while it will not work with a home loan, credit card companies may work with you. Also using a debt consolidater sound like a good idea but when my mom used one, it showed up on her report like a bad thing and she was not able to get any kind of loan (for auto, home) until it was paid in full which was a couple years away according to her debt plan. She found and outsider (friend) to loan her the money at a decent 7-8% rate and payed everything off and has one monthly payment that she makes on time. That is the most important. A credit score is of benefit for many reasons. A higher score will likely get you a lower interest when applying for a loan. You could go through life never needing a credit card or a mortgage, or a retirement plan. You could keep paying rent and never have anything to show for it or you children. And you will probably end up a 70 year old walmart greeter who doesnt get to enjoy their golden years because social security is non existent or not enough to support themselves.

Answer 4

I work in purchasing and accounts, all this means is that you raise a counter invoice so a credit note is an invoice with a minus figure! thus cancelling the original (or the balance of the returned goods)

Answer 5

Producing a credit note so that you can credit a person's account. (give money back).