Debit notes or debit memos are basically promissory notes issued by one party, the seller, to the other party, the buyer, asking them for a credit note. This formal document is commonly used in almost all types of business as it is a commercial document. Another great use of this excellent tool is that the seller may issue it instead of an invoice.
It is to be noted that an invoice and a debit note are separate things, but if the seller wants to adjust any amount of the invoice previously sent, he may use a debit note instead. The other important uses of a typical debit memo are that it provides details about the coming bill, as a way to remind the buyer about the overdue payment, and to keep track of the items in transit.
This shows the importance of the debit memo so we can call this simple debit note a very crucial step in daily business activities as it aids the people to collect the unpaid bills from the other party in a formal way.
It is interesting how businesses use certain tools within the company as this Debit Note is used as a debit memo within an entity. Using this document as a debit memo, one department can send the billing issues to the other. Through this inter-billing document, the organization can easily record the sales that have taken place within the branches or the departments.
Debit Note Template -1
File: Word (.doc) 2003+ and iPad
Size 42 KB
However, it is odd to pay to the department of the same company and it should be kept in mind that no cash is transferred between the departments, but the departments need to record many such transactions. As we now know the debit memo is such an important tool, thus we see that a model memo should portray all the operations that took place between the branches or the departments and it is only possible if the memo is drafted professionally and very well.
Having columns like in an invoice, it should also record information like the reason for issuing the debit memo.
Debit Note Template –2
File: Word (.doc) 2003+ and iPad
Size 44 KB
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