- Invoice / Debit Note / Credit Note ? what's the buzz ?
- How to estimate fabric consumption?
- What are the MOQ's for a Garment production @QUANTUMFACTORY?
- How do I calculate fabric wastage?
- Fashion Industry Manufacturing Expert Julia Antufjew Signs Publishing Deal With CelebrityPress To Co-Author New Book
- I want to develop Garments with prints - What's the best approach to do that?
- Can I print on dark fabric?
- 10 Basic Tips to Market Your Fashion Business on Instagram
- Understanding your Consumer Base when Fashion Designing
- The Importance of Fabric Selection in Fashion Design
Invoice / Debit Note / Credit Note ? what's the buzz ?
Posted by QUANTUMFACTORY on 9/15/2016
to How To
Debit Note similar to an Invoice (shows money owed to the Seller) but commonly used when goods or Services that are not listed in the initial Invoice are added to an order or project (for example Buyer wants to add 10 pieces of size L to the initial order, 2 pcs more then ordered have been produced, etc). Normally a Debit Note is not used as a 'standalone financial Document but comes 'in pair' with an Invoice.
Credit Note opposite of a Debit Note (lists money owed from the Seller to the Buyer). Credit Note's value reduces the sum owed to the Seller. A Credit Note typically is used when i.e. 50 pcs of a product where ordered (an therefore invoiced) but only 49 pcs are being delivered. The Credit Note would list the item in question with a quantity of one. The initial invoice is left untouched (with the originally ordered 50 pieces)
The balance sum due for a project is calculated like this:
Invoice total + Debit Note total - Credit Note total - payments processed = balance due
practically such a balance can also have a negative value (which means the Buyer has a "credit" with the Seller which either can be equalized by a payment or [in most cases] will be deducted from future payments to the Seller).