credit note

  

Definition

A form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.

A credit note is issued in various situations to correct a mistake, such as when (1) an invoice amount is overstated, (2) correct discount rate is not applied, (3) goods spoil within guaranty period, or (4) they do not meet the buyer's specifications and are returned. Also called credit memo.


Use credit note in a sentence

  • He obtained a credit note in the amount of $200.00 dollars because the retailer did not appropriately discount his purchase.

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  • You should always hold on to a credit note so that you have a good record of what it is that you received.

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  • I got my credit note in the mail and was excited to see that there was a lot credited to my account.

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