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In this video tutorial, Bullseye Money explains the concept of credit notes, focusing on their importance in business transactions. Credit notes are documents used to address discrepancies in invoices, such as when the amount owed needs to be adjusted or when the quality of goods or services received is unsatisfactory. These situations are common and can arise for both customers and suppliers. The video aims to provide a comprehensive understanding of credit notes, which are essential documents in the purchasing process alongside quotes and invoices, specifically designed to resolve issues that may occur during transactions.