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Account head for credit note

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Manjula (Accountant ) 19 February 2021

I wanted to know the procedure and documentation for credit note to an export (Customer) on quality issue. if the amount is substantial. the material will be not return b
ack to india, it will scraped at customer end.

to which ledger we should give effect in credit note? Sales or discount?

CA Altamush Zafar (GST Consultant) 19 February 2021

You cannot just issue a credit note in this regard. You have to take permission from rbi or your bank since you are the amount is substantial

Manjula (Accountant ) 19 February 2021

Thank you for your reply.
okay sir but how to pass the entry.?sales or discount.

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