Create Item Based Note – A summary of the activity

A debit / credit note basically supplements the invoicing function. A debit / credit note facilitates the capturing of financial information based on changes in the quantity, price and Taxes Charges or Discounts on procurement of goods and services. An “Item Based Debit / Credit Note” is created for variance in part prices, taxes, charges or discounts. An part based debit / credit note can also be created for any purchase returns, parts lost in transit or any other complaints.

This activity allows you to create a part based debit / credit note. This activity also allows you to authorize the part based debit / credit note. The system calculates the tax, charge and discount applicable for the parts. The system also calculates Value Added Taxes (VAT) if it is applicable.

You can modify the tax, charge or discount details for the parts and select documents against which the newly created note must be adjusted. You can also view the summary and the posting information for the newly created debit / credit note.

Payment Schedule / Information is worked only for Credit Notes. You can modify the payment schedule for the credit note. If an electronic payment is to be made to the supplier you can modify the payment schedule or the electronic payment information. If you want to include additional remarks regarding the debit / credit note you can enter your notes. The system maintains a history of these notes. This activity also allows you to modify the details of the newly created account based debit / credit note if it is in the “Draft” or “Fresh” status.

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