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Company Name - The company or client for whom the credit note is created
- Contract - Refers to the agreement associated with the transaction.
- Emirate - Indicates the emirate where the transaction was carried out.
- Customer Order - Represents the client’s order linked to this credit note.
- Project - Specifies the project or job connected to the transaction.
- Apply Retention / Ret. VAT at Retention Invoice - Indicates if retention should be applied (as defined in the contract) and specifies how VAT is handled for retention-related invoices
- Progressive / Advance Invoice - Indicates whether the credit note is linked to progressive billing or related to a previously issued advance invoice.
- Comment - A field used for entering internal comments or notes.
Transaction Type describes the kind of credit note being created. For adjusting progressive invoices, you can use:
Goods Return: Used when physical items or materials are being returned. This affects inventory and contract assetsWhile posting it makes reverse transactions in GL.
Invoice Correction: Used when correcting amounts or quantities without returning items, such as fixing errors or updating values. This mainly affects financial records, not inventoryWhile posting it makes adjustments with negative numbers (values with minus "-").
- Basis - Indicates the original invoice that the credit note is reversing.
- Date of Original Supply - The date when the original goods or services were provided.
- Entity Name - The legal entity that issues the credit note
- Warehouse - The location of the inventory involved, if applicable.
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- Item Description - Name of the returned or reversed item
Quantity-Number of units being credited back.
Unit Price-Price per unit before any deductions.
Amount-Total value for the line (Quantity × Unit Price).
VAT (%)-The VAT rate applied to the item.
VAT Amount- The VAT calculated on the item value.
Total Before Retention-The sum of the item amount plus VAT, before deducting any retention.
Retention-Amount withheld according to the project's retention rules.
Retention VAT-VAT amount related to the retention deduction.
Net Total-The final credited amount after retention and VAT on retention are deducted.
Contract Asset Quantity-Portion of the item quantity being reversed from the contract asset records.
Amount (Contract Asset)-The value reversed from the contract asset, calculated by multiplying the unit price by the contract asset quantity.
Note: These fields auto-fill when you click “Fill Contract Assets” in the Contract Asset tab.Income Account-The account where the original revenue from this item was recorded.
Business Activity-The reporting category this item belongs to (e.g., Main Activity).
Project Task / WBS-Links the item to a specific project task or work breakdown structure segment.
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The Contract Assets tab records reversals or adjustments to previously recognized contract asset values in the credit note.
Note: These table not relevant for Credit Note with Progressive type. Transactions will be posted directly to the PL.
Customer Order - Reference to the client’s request or work order.
Project WBS - The Work Breakdown Structure level is used to track the specific scope of work.
Project - The main project linked to this credit note.
Project Task - The specific task or activity being credited or reversed.
Cost Object - The cost center or budget account assigned to track expenses.
Item - The material or service being credited.
Quantity - The amount being credited (returned or reversed).
Amount - The credited value, calculated by multiplying the quantity by the unit price.
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