Debit Note and Credit Note in Accounting | An in-depth overview with GST Rules & Entries

Debit notes and credit notes are accounting documents used by businesses for different purposes, like Sales and Purchase returns, discounts after sales, and corrections in the Invoice. A supplier of goods or services will issue the Debit Note and Credit Note in accordance with GST Rules. Credit Notes are generated for both sales returns and post-sale discounts. When an invoice needs to be corrected, a debit note is issued to increase the sales value.
Topics Covered:-
1. What is a credit note
2. What is the meaning of a Debit Note
3. What is a debit note and credit note in GST
4. Debit note and credit note format
5. Credit note entry in tally prime
6. Debit note entry in tally prime
7. When to issue a credit note
8. When to issue a debit note
9. Debit and credit note rules in GST
10. All about debit and credit note
11. Who is responsible for the issuance of a debit or credit note
12. Difference between debit and credit note
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[@athletefitness1]

Sabse Best Example of Debit and Credit Note in You tube Great Sir Ji 👌👌👌👌🙏🙏🙏🙏

[@user-cw3ks6pb6i]

Aapke jo samjhane ka tarika hai na sir.....gajabbbb ka hai....I have no word for u

[@ManojKumar-cc5du]

very thanks sir...
for giving such clear knowledge about credit and debit note

[@SumanKumar-fn2lh]

Wow Sir, it's superb.....
Today I got the proper clarity regarding Debit and Credit note after watching this video.....
The way you point out all the things it's really appreciable .....
Thank you so much Sir.

[@AccountantsClub]

Great 👍

[@sureshkannanampally1135]

All info with clear examples & Impact - thank you sir ji

[@avijitdey9229]

Different from all.... 100% knowledgeable ❤❤

[@AccountantsClub]

So nice of you

[@somilgupta5123]

thanku sir aapne clear kr diya itna detail me btaya aapne

[@user-gr5zg5dq9h]

Thank you so much Sir for making video on this Topic, Today solved my all confusion on this
Topic.

[@nirajthakor9748]

You're soo handsome and cool 😶🙂😫

[@harshprolife]

Cover every aspect, so much helpful 👍👍

[@AccountantsClub]

Glad you think so!

[@financesearch]

Thanks sir , Best ever session on youtube

[@kundlikpatil3727]

Very useful information for GST return and accounting in tally software,(all gstr confusions is cleared). Thanqu Sir, Thanqu. 🙏

[@AccountantsClub]

You are most welcome

[@hisambhav]

Thank you, sir. It's easy to understand because of your teaching style.

[@AccountantsClub]

Glad to hear that

[@manojsahu3557]

बहुत ही सुन्दर तरीके से समझाए है सर

[@tariqkhan-iy3ud]

wow sir, extremely love from peshawar pakistan, zabardst tarika hai apka, plz accounts k related esi tara vedio banaty rahy r paid courses se bacha k raky, apse buhut kuch seekne ko milaa, plz make vedio on adjusting entries and also how to recorded in tally software in details sir,
Allah apko hamesha khush raky,

[@rohitnayak6645]

Superb explained sir.
🫡 Salute.

[@accountingskill5537]

Very nice explanation Sir

[@animalslife9200]

You are a great teacher tq

[@bhanuverma4738]

Very nice explanation 👏🏻👏🏻👏🏻

[@upenderchoudhary6512]

Bahut achey se explan karte hey dir

[@BMTrades-ui1mu]

shaandar explanation sir wonderful 👌👌👌👌

[@anantkr_trader-investor]

complete explanation 100%

[@praveenjoshi928]

Best Teacher😇

[@Sumeetlaldas]

Very good explained

[@leninjoy5985]

Hai sir Mein bhi Ek college teacher hum. Ap ki Class ithna Clear and explanation ithna acha he ki I have no words to say. It is simply Very Very Good
Thank You sir ❤👏👏👏

[@AccountantsClub]

It's my pleasure

[@Akashsingh003]

Very very informational video on TH-cam

[@bhuvaneshkumar431]

Very Superb Presentation.

[@AccountantsClub]

Thanks a lot

[@petpoojafoodandlifestylech7045]

Nicely explained 👌 thankyou sir

[@AccountantsClub]

Always welcome

[@srigopalmalani3692]

Perfect explanation sir 🙏👍

[@AccountantsClub]

Keep watching

[@waqasmaqbool3356]

thanks good lecture

[@pratikdudhe1024]

Superb session 👏🏻

[@shabbirbagawan7013]

Thank You Sir 🙂

[@mrdarling4853]

Thank you sir itne achhe se samjhane ke liye 🙏👍👌

[@AccountantsClub]

wlecome

[@ashwinisarode3727]

Sir Pls reply - humne sale kiya tha Ek party ko defective material hone ke Karn unhone debit note diya aur humne credit note issue kiya. But us party ne debit note e invoice banake gst me dala, humne wo itc claim nahi kiya kyuki humne already credit note issue kiya tha
Ab wo party after 2 month credit note file kiya gst me to Hamara input kam ho Gaya ?

[@Indiannaruto777]

Thank u sir very helpfull your video

[@finance_expert_965]

Best video sir ❤

[@bhuraramdewasi8691]

Good video for Accoutant

[@basantornithologist2030]

Most Excellent

[@shivshankarsatapathy5519]

Thanks

[@aartirathi2825]

Very nicely designed ❤❤ ty sir

[@AccountantsClub]

Most welcome 😊

[@nirupammishra7434]

Informative this chapter...

[@AccountantsClub]

Most welcome 😊

[@insideguru]

Thank you so much sir ❤️❤️❤️❤️

[@RamKumar-mp3lt]

Thanks you so much sir

[@AmitKumar-ox8it]

Thanks sir 🙏🏻

[@manojgupta3632]

Sir rate difference ya discount ho to hamara purchase account se kam hoga .

[@akashgupta7261]

SIR, agar kisi case me purchase debit not ki entry as a sale debit not me ho jaye to kya kiya jana chahiye?

[@marotipawar2342]

Very nice teacher...... Refund ke liye bhi ek video banao sir 🙏

[@user-gb3qk9te7n]

NICE VIDEO SIR 👍

[@nageshkharatmol2822]

Thank you very much Sir Ji

[@AccountantsClub]

Most welcome

[@BalkishanSarda]

Nicely explained

[@_tanveer_786]

Sir plz make account and taxation related video regularly

[@tejaswinikamble2189]

Thank you thank you thank you sirrr😊

[@shalinipathak9694]

Thankyou Sir...

[@adarshmaurya8189]

Always good sir

[@AccountantsClub]

So nice of you

[@govindjeechoudhary5262]

Bahut hi effective 🎉😂❤

[@vdeshmukh8888]

Very Nice sir

[@pratapratnawat8539]

Very nice 👍👍👍👍

[@yogeshbhardwaj1792]

Sir hum sales k againest m credit note issue kartey h tho output gst ka use hoga ya input gst ka please reply sir

[@sumanbardhan4089]

No you have to credit output gst ledger

[@user-fz3cu5dm6i]

❤ Thank you sir

[@AccountantsClub]

Welcome

[@balramrohra4622]

Thanks a lot sir

[@AccountantsClub]

Most welcome

[@gokulshinde6425]

Sir I have purchased machinery on cash payment and any reason I have returned this machinery.
Sir my question is which note I have issues with machinery because I have purchase new machinery same company but different amount and this amount last bill more than

[@priyankavarma094]

Thank u very much sir
But ak query h debit ya credit note ke case me Input gst lenge ya output gst plz sir make one video this topic

[@sachinsaini481]

Thank 👍 sir

[@AccountantsClub]

So nice of you

[@rahulpatil-mx4br]

Sir aap video bhout badiya banate ho continevs video gst

[@AccountantsClub]

Thanks

[@beautifullifebyroy9929]

Wel done boss

[@AccountantsClub]

Thanks

[@malik-hz6vi]

Sir bina debit note liye, hum credit note issue kar sakte hai

[@Kgblog17]

Nice video❤

[@asif_chouhanproduction415]

Keep doing good

[@user-wi8vg7ep4e]

Sir i have issued debit note against the purchase return to supplier and supplier issued credit note to us is it correct?

[@johnc8445]

Yes correct, supplier will credit the bill amount of the purchase return goods value were received, for this he issued credit note

[@rengarajan4635]

Sir,Namaskar.Your video is very useful.Thanks for uploading.One doubt .We are dealing with magazine publications engaging in printing monthly copies .Can we generate Debit note for Postal charges to send the missing magazines to our clients thro' registered post..Client already paid to us Postal charges in advance but they did not pay magazine price since magazines are only missing by them.If the debit note to be generated how much GST % to be charged alongwith postal charges. please clarify my doubt and help.Thanks and regards.K.Rengarajan🙏🙏🙏🙏

[@Akashsingh003]

According to gst act mixed and composite supply concept the supply of magazines along with postal charges are composite supply and the supply of these two things cannot we seperated becoz if you sale magazine, you also have to deliver it by postal, you cannot sale postal delivery without selling magazine.
Conclusion: In case of composite supply the tax rate charged on main component is also charged on anciliary component. So your main component is magazine then you have to charge the same rate in postal that you charged on magazine sale

[@mohdshafi-jz5vn]

Sir, I have issued a debit note against the purchase return and show it in my GSTR-1, due to which my liability has increased in the next month, the supplier shows it as a credit note in his return and my ITC gets reduced. Is this the right treatment?

[@jayeshpanchal9035]

No,credit nd debite note only supplier can issue

[@panchiroy8505]

Kay condition main gst credit note pe input and output hota hai

[@badapaisabysharemarket]

Sir my supplier is asking for invoice for Credit note ( i have returned material) will i loose gst two times? First when i make invoice and 2nd when supplier will issue credit note?

[@badapaisabysharemarket]

Please help

[@AjayKumar-dm1id]

Sir bookkeeping ki full video banaye company mein jaise hoti h

[@pankajkumarkamat8165]

New fy 24-25 me old fy 23-24 ka credit note kaise banaye

[@sachinsaini481]

👏

[@gangstarsn.a.7926]

Discount offered after sale entry. Discount Allowed a/c. Dr.....
To Customer a/c .

[@raushanashraf8327]

Sir filter range pe video banae plz🙏

[@AccountantsClub]

Already uploaded th-cam.com/video/HopmHxNJEkU/w-d-xo.html

[@sonipandey9027]

Sir please make a video on NGO accounting

[@AccountantsClub]

Sure

[@sonipandey9027]

Thank you so much sir☺️

[@raushanashraf8327]

Sir tally prime me e-way bill kaise banti hai??

[@AccountantsClub]

th-cam.com/video/Gx5RR-4RXWw/w-d-xo.html

[@raushanashraf8327]

Sir ye e-invoice hai e-way bill kaise banti hai

[@lie2349]

❤❤🎉🎉

[@kanhaposwal6082]

Hi sir

[@Akashsingh003]

Sir I have a question
For example if due to rate mismatch we charge 5% instead of 10 % on a sales transcation then we have to issue a debit note to increase the amount receivable from party, my question here is that why we issue debit note we can also generate/issue a new invoice of 5% rate difference instead of issuing a debit note. Anyone reading my question please answer that

[@AccountantsClub]

Once an invoice is issued, it cannot be altered or cancelled. We can cancel the invoice only before dispatch the material or service

[@Akashsingh003]

@@AccountantsClub Sir, Here in my question I questioned to issue a new invoice, not to alter or cancel the previously issued invoice.

[@mapa5497]

@@Akashsingh003 new invoice me konsi services/goods dega? Ya phir receipt voucher/refund voucher jaisa..

[@rahulpatil-mx4br]

Sir audit par video plz abi audit ka time chal rha hai

[@AccountantsClub]

Sure

[@kanhaposwal6082]

Sir give me your what's up number

[@shahidaansari9864]

Sir i have issued the credit note against the sales return and i have e invoice registration so do i need to generate e way bill ?? Becoz there is a option whose saying ( aftr selecting inward - sales return) the bill from ……..

[@niteshmarsjha4479]

Agar hamne bhi credit issue kar diya ho or unho ne bhi debit note issue kar Diya ho tab

[@AccountantsClub]

No Problem

[@ppsahoo123]

Buyer ko supplier bol rahe ho 😮

[@Skorti123]

Can you explain in english language

[@akshaym74]

American se aye ho Hindi nahi samjti😂

[@psycho0086]

Dekh rahe ho Binod

[@AccountantsClub]

Thanks

[@Ashokkumar-sl8nr]

Thank you Sir for making video on this Topic, Today solved my all confusion on this
Topic.

[@AccountantsClub]

Glad to hear that

[@bhupendrakalme4897]

Thank you sir 🎉

[@AccountantsClub]

Most welcome

[@eagleshadowfx]

Thank you sir so much❤