This is a document that is used to record all stock that has been returned by a customer. The customer has the returned the stock item and been given a refund or credit note for the amount of the purchased product.

More On This Topic

Link to This Definition
Did you find this definition of PURCHASE RETURNS AND ALLOWANCES helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary