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…
