credit note
Definition
Form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account. Also called credit memo, it 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.
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