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A credit note or credit memo is a commercial document, utilized in business transactions to indicate a reduction in the amount owed by a customer or owed to a supplier. If the customer returns goods to the seller, the invoice previously issued is cancelled, in part or as a whole, with a credit note.
The Philippine Institute of Certified Public Accountants (PICPA) is the national professional accountancy body of the Philippines. Explorers with an accounting background first formed the PICPA in November 1929. [2] The PICPA focuses on four areas of practice for a CPA: Public Practice, Commerce and Industry, Education, and Government. [2]
RMA/RGA comes before the customer permanently relinquishes ownership of the product to the manufacturer, commonly referred to as a return. A return is costly for the vendor and inconvenient for the customer; any return that can be prevented benefits both parties. Returned merchandise requires management by the manufacturer after the return.
The policy of taxation in the Philippines is governed chiefly by the Constitution of the Philippines and three Republic Acts. Constitution: Article VI, Section 28 of the Constitution states that "the rule of taxation shall be uniform and equitable" and that " Congress shall evolve a progressive system of taxation ".
In certain countries, such as Australia, consumer rights dictate that under certain situations consumers have a right to demand a refund. [3] These situations include sales that relied on false or misleading claims, defective goods, and undisclosed conditions of sale. There are various reasons why customers may wish to return merchandise.
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The term sales in a marketing, advertising or a general business context often refers to a free in which a buyer has agreed to purchase some products at a set time in the future. From an accounting standpoint, sales do not occur until the product is delivered. "Outstanding orders" refers to sales orders that have not been filled.
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