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.
Returns inwards, also known as sales returns, refer to goods returned to an organization by customers. These returns typically occur due to dissatisfaction with the product, whether due to defects, wrong shipments, or simply buyer's remorse.
Sales returns refer to goods that customers have returned to a business, usually due to defects or dissatisfaction. This can impact a company's revenue and inventory management.
Sales Returns and Allowances is an account used to accumulate price reductions given to customers due to goods being returned or merchandise being defective and not suited to customers' needs.
