You may receive credit notes to correct any entries entered on a previous supplier invoices received from your creditors (suppliers). The supplier credit note looks and contains the same information as on the supplier invoice, and may differ in shape, size and colour form supplier to supplier. The amounts or a portion thereof, should be accurately calculated and the portion of discount and VAT (if applicable) on the credit note must be clearly indicated.

These credit notes are issued by your suppliers to correct or adjust supplier invoices for credit purchases, which is not your trading stock items and these credit notes should be entered in the Input - Batch Entry <F2> menu option. These credit notes may also be entered in the purchase journal, but if you have many supplier credit notes, you may create a creditor allowances journal or supplier credit note journal in the Setup - System Parameters - Batch Type menu option.

Before you can start to enter the supplier credit note, it is advisable to check that the entries (description of the service or goods received, pricing and discounts), are correct and that it will cancel, adjust or correct the entries or a portion thereof, as supplied on the original supplier invoice for which the credit note was received.

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If you are registered for VAT, you also need to check whether the items on the invoice received, may be claimed as Input VAT if the supplier is also registered as a VAT vendor. You should note that this invoice must meet certain requirements and that different percentages, may apply for the Input VAT for some items on the invoice. Other items may be excluded from VAT.

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Should a credit note need to be issued for trading stock items or service stock items for which an invoice was already issued, you need to create this credit note in the in the Input - Documents - Goods Returned menu option. In this case, TurboCASH will generate the printed source document, which you may hand or send to your creditor (supplier).