Debit note & Credit note?

Question

When Debit note & Credit note are issued?

Considering two companies account A’s (Purchases$) & B’s (Sells$), they make financial transaction within each other. When A’s updates his books what account he will debit & what account he will credit & what note he will issue. Likewise when B’s updates his books what he will debit/credit & what note he will issue.

Considering two companies account A’s (provide training$) & B’s (attends training$), they make financial transaction within each other. When A’s updates his books what account he will debit & what account he will credit & what note he will issue. Likewise when B’s updates his books what he will debit/credit & what note he will issue.

Answer 1

A debit note is a note indicating an amount owed by a person or company. Serves the same function as an invoice. However an invoice is usually used for sales made and are entered in running number in the sales journal. To bill someone for anything else owed you other than for a sale, you use a debit note.

What is the Credit Note for and when to use it ?
A Credit Note or Credit Memo is a document used to adjust or rectify errors made in a sales invoice which has already been processed and sent to a customer. If you have already sent an invoice to a customer but now need to provide a credit for that invoice, you would send him a Credit Note or Credit Memo. You can think of a credit note as a "negative invoice."

Considering two companies account A’s (Purchases$) & B’s (Sells$), they make financial transaction within each other. Assuming B is a trader and the goods sold are what it normally sells, then
In A's books
Dr Purchases or Merchandize Inventory
Cr Cash or Accounts Payable
Since A is doing the purchasing it wouldn't be issuing any document other than perhaps the purchase order.

In B's books
Dr Cash or A/cs Receivable
Cr Sales
B would issue a sale invoice to A

Considering two companies account A’s (provide training$) & B’s (attends training$), they make financial transaction within each other. I'm assuming A is not a school or training centre, otherwise fees earned will be like normal sales to A.
In A's books
Dr Cash or A/cs Receivable
Cr Sundry income
If training is not A's core business, then A might issue a debit note to B

In B's books
Dr Training expense
Cr Cash or A/cs Payable
Since B is attending the training it would not issue any document except perhaps the registration form to register a place at the seminar

Answer 2

What Is A Debit Note

Answer 3

a debit note is a note indicating an amount owed by a person or company and a credit note is a document used to adjust or rectify errors made in a sales invoice which has already been processed and sent to customer

Answer 4

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Debit note & Credit note?
When Debit note & Credit note are issued?

Considering two companies account A’s (Purchases$) & B’s (Sells$), they make financial transaction within each other. When A’s updates his books what account he will debit & what account he will credit & what note he will issue. Likewise when B’s...

Answer 5

A debit note or debit memorandum (memo) is a commercial document issued by a buyer to a seller as a means of formally requesting a credit note. A seller might also issue a debit note instead of an invoice in order to adjust upwards the amount of an invoice already issued (as if the invoice is recorded in wrong value). Debit notes are generally used in business-to-business transactions. Such transactions often involve an extension of credit, meaning that a vendor would send a shipment of goods to a company before the goods have been paid for. Although real goods are changing hands, until an actual invoice is issued, real money is not. Rather, debits and credits are being logged in an accounting system to keep track of inventories shipped and payments owed. (askerali 7 star)

A credit note or credit memorandum (memo) is a commercial document issued by a seller to a buyer. The seller usually issues a credit memo for the same or lower amount than the invoice, and then repays the money to the buyer or sets it off against a balance due from other transactions.
It can also be a document from a bank to a depositor to indicate the depositor's balance is being in event other than a deposit, such as the collection by the bank of the depositor's note receivable.
Features[edit]

A credit note lists the products, quantities and agreed prices for products or services the seller provided the buyer, but the buyer returned or did not receive. It may be issued in the case of damaged goods, errors or allowances. In respect of the previously issued invoice, a Credit Memo will reduce or eliminate the amount the buyer has to pay. Note: A Credit Memo is not to be substituted as a formal document. The Credit Memo rarely contains: PO #, Date, Billing Address, Shipping Address, Terms of Payment, List of products with quantities and prices. Usually it references the original Invoice and sometimes states the reason for issue.
This is received if the goods are incomplete, damaged, or incorrect; you may also receive one if you have paid too much money, or you have been under charged.
Uses[edit]

To allow the buyer to purchase an item or service from that seller on a future date, i.e. a gift card or store card credit. Credit notes may be issued by a seller as a goodwill gesture to a buyer who wishes to return previously purchased merchandise (instead of cash repayment) in circumstances where the original sales agreement did not include an explicit refund policy for returned items. In such circumstances, a credit note of value equal to the price of the returned item is usually issued allowing the buyer to exchange his purchase for other items available with the sale.
To correct an invoice that has already been processed and sent to the buyer. If you have already sent an invoice to a buyer but now need to provide a credit for that invoice, you would send them a credit note or credit memo. You can think of a credit note as a "negative invoice." It can be used in some Enterprise Resource Planning software.
For accounting purposes in the case of returned goods. After the sale, if the customer is not happy with the purchased goods for various reasons, such as damage, or if a product has expired (for example, food items), he would return the goods. This transaction has to be reversed for accounting purposes.
From the point of view of a company, credit notes can be classified in two groups:
Credit notes sent to clients, issued by the company
Credit notes received from suppliers, issued by others
A credit note sent to clients is considered as a sales returned for accounting purposes. A credit note received from suppliers is considered as a purchases returned.

Answer 6

debit note is company receivable amount from party other side credit note is company given amount to party.

Answer 7

Company A
DR Inventory/Purchases
CR Creditors

Company B
DR Debtors
CR Revenue

These are the transactions for the first question you should be able to work out the answer to the second from this.