Debit Note
A Debit Note in Cloudy Business Ops 360 is a financial document issued to a vendor or supplier to request an increase in the amount payable. It is typically used to correct under-billed amounts, additional charges, or adjustments related to goods or services received.
While Bills record the original payable amounts, Debit Notes increase the amounts due or adjust liabilities accurately. They are essential for maintaining correct accounts payable records and financial reconciliation.
Key Features
- Link to Accounts, Bills, and Legal Entities: Each debit note is associated with a specific Account, Bill, and Legal Entity, enabling accurate financial tracking.
- Purchase Order Reference: Optional linking to Purchase Orders ensures traceability to procurement.
- Reason Tracking: Reason for Debit picklist allows standardized categorization of debits.
- Status Management: Tracks the lifecycle of a debit note via statuses such as Draft, Approved, Applied, Partially Applied, and Closed.
- Automated Calculations: Formula and roll-up fields such as Remaining Debit Amount and Total Debit Amount ensure real-time, accurate financial data.
- Notes for Communication: Optional Notes field allows users to record details or internal comments related to the debit note.