Debit Note is the document evidencing that the account of the named person is debited for the reason stated therein. Let us understand the concept of Debit Note in detail:

What is a Debit Note?
A Debit Note is a document that is sent by a supplier to its buyer. It is issued when there is a discrepancy in the quantity or price of goods or services supplied. The Debit Note is used to inform the buyer that their account has been debited for the amount mentioned in the note.

Features of Debit Note:
• It is a document sent by the supplier to the buyer.
• It is issued when there is a discrepancy in the quantity or price of goods or services supplied.
• It informs the buyer that their account has been debited for the amount mentioned in the note.
• It is used to correct the errors made in the original invoice.
• It is a legal document and can be used in court if there is a dispute between the supplier and the buyer.

Difference between Debit Note and Credit Note:
• Debit Note is issued when the buyer's account is debited, whereas Credit Note is issued when the buyer's account is credited.
• Debit Note is used to correct errors made in the original invoice, whereas Credit Note is used to correct errors made in the original receipt.
• Debit Note is sent by the supplier to the buyer, whereas Credit Note is sent by the buyer to the supplier.

Conclusion:
Thus, it can be concluded that a Debit Note is the document evidencing that the account of the named person is debited for the reason stated therein. It is an important document used in the business world to correct errors made in the original invoice. It is a legal document and can be used in court if there is a dispute between the supplier and the buyer.

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