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1. INTRODUCTION
2. DOCUMENTS USED IN COMMERCIAL TRANSACTIONS
3. CREDIT AND DEBIT NOTES
4. METHODS OF PAYMENT
5. STATEMENT OF ACCOUNT
6. MAJOR TYPES OF FINANCIAL INSTITUTIONS
7. MAJOR SERVICES PROVIDED BY HIGH STREET BANKS
8. GOOD COMMERCIAL PRACTICE – KEY TAKEAWAYS
9. QUICK EXAM NUMBERS & FACTS – MEMORISE THESE
10. FINAL MEMORY CHECKLIST
3. CREDIT AND DEBIT NOTES
- Credit and debit notes are used mainly to correct errors or omissions on customer invoices.
3.1 Credit note
- Used to correct an overcharge on an invoice.
- Issuing the credit note confirms that the amount shown on the original invoice has been reduced.
3.2 Debit note
- Used when a customer has been undercharged on an invoice.
- Example: an additional service or special insurance requested by the customer was omitted from the original invoice.
- The debit note amends the original invoice by adding missing or miscalculated amounts.
- The training material notes that debit notes are no longer in common use in business.