Credit note

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In case an operation, that has been entered at an earlier date, needs to be cancelled, the same VAT code that has been used for the initial operation needs to be entered with the minus sign (-). In this way the VAT is being rectified.

Instead of using the minus sign prior to the VAT code, it is also possible to use the specific VAT codes for discounts that have been configured in the VAT Codes table.

Example a of credit note

When a product has been sold and the client finds a defect, usually a credit note on his behalf is being issued. The credit note implies a decrease of the income and as a result a recovery of the VAT (Sales tax).

We enter an amount of 1.500.-, including 10% VAT, for sales. 

Due to a defect of the sold products, we issue a credit note for the amount of 150.- to the client.  

For a recovery of the VAT on the amount of the credit note, the VAT code of the sales has to be entered with a minus (-) sign preceding the code.