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What is a credit note?

ContentsCredit note accounting: how does it work and what needs to be considered?Customer invoice already paidWhat information should a credit note include?How to account for an overpayment to supplier Instead the error correction procedure explained in How to correct VAT errors and make adjustments or claims (VAT Notice 700/45) should be used. These error corrections are limited to 4 years following the time of the original sale. Businesses that make adjustments to the price of goods or services and their business customers. While a credit note should follow a general structure, it usually doesn’t need to be as strict as the...