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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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