According to Quick Books, a credit note must include a header stating it is a credit note, a customer name, the customer's address and a reference number. The body includes an explanation for why the credit note is issued, along with corrected prices. The end of the note includes the subtotal, total and total after taxes.Know More
Quick Books says businesses issue credit notes to correct a previous invoice. When a customer receives an incorrect invoice and pays the full balance reflected on this invoice, a business can credit the customer back for the overpayment or mistaken payment using a credit note. The credit note needs to include all of the information in the original invoice along with the changed balances for record-keeping purposes.
Businesses write credit notes as reverse invoices, according to Microsoft. This means they retroactively take products back in stock or simply reverse an existing invoice if the product remains with the customer. The format of the credit note is not important, as long as businesses state all of the necessary information clearly. Businesses can also add a credit note to online bookkeeping software to keep track of outdated invoices, product stocks, taxes and annual income. The customer must receive a copy of the credit note for his records.Learn more about Credit & Lending
Examples of a credit instrument include any written evidence of a debt such as a promissory note, a bond or a loan, according to Cornell University Law School. USLegal.com explains that a credit instrument in the gaming industry is written evidence of a gaming debt owed to a person who has a non-restricted license at the time the debt is created.Full Answer >
A secured credit card is a card with a balance guaranteed by a cash deposit instead of the customer's credit history. The credit limit is typically equal to the deposit, and the card functions just like any other credit card. If the customer defaults on the debt, the deposit is used to pay off the balance, eliminating the risk for the issuer.Full Answer >
Mobile credit card readers scan the magnetic strip on the back of a credit card to obtain customer account information, as The Nest reports. This data then allows the reader to transmit a processing request to the customer's bank using an encrypted connection and charge the customer's account.Full Answer >
Consumers can see their credit reports by accessing them online through AnnualCreditReport.com or by ordering them via the phone number or mailing address provided on the site, reports Bankrate. Alternatively, each of the three major credit bureaus provides individual reports.Full Answer >