Carryover refers to the process by which deductions and credits of one taxable year that cannot be used to reduce tax liability in that year are applied against tax liability in subsequent years.
A Credit Note is a financial document issued by a seller that reduces the amount payable by a customer, typically issued when goods are returned or an overcharge needs correction.
A method of recording the transactions of a business in a set of accounts such that every transaction has a dual aspect and therefore needs to be recorded in at least two accounts.
A sales credit note is a document issued by the seller to a customer to cancel, or partly cancel, an invoiced charge. It serves as an acknowledgment of the adjustment and facilitates a refund or a credit towards future purchases.
Social Security credits determine a person's eligibility for Social Security programs. Credits are earned by working in a covered job and by paying Social Security taxes.
A visual representation used in accounting to represent individual accounts where debits and credits are recorded. Resembling the capital letter 'T', it simplifies the tracing of transactions and helps ensure accurate bookkeeping.
The presentation of a financial statement where debits and credits are displayed one above the other.
