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Treatment of credit balance on supplier statement.
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Richard Evans
Dec 20, 2017, 7:08:14 PM12/20/17
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Hi,
I've just started working for a new company and recently received a monthly statement from one of our suppliers. On this statement there is a credit balance of £525.00 When I queried this with the supplier, due to the age of the credit balance (It goes back 18 months!) they couldn't explain why, apart from that it's a credit on our account. I quick reconciliation my end and I still can't get to the bottom of it.
What would be the correct treatment in order to "claim" the credit of £525.00? Would it simply be a case of raising an internal credit note and then deducting this from the next invoice(s) due for payment, thus using up the credit balance?
Many thanks in advance for any advice.
I've just started working for a new company and recently received a monthly statement from one of our suppliers. On this statement there is a credit balance of £525.00 When I queried this with the supplier, due to the age of the credit balance (It goes back 18 months!) they couldn't explain why, apart from that it's a credit on our account. I quick reconciliation my end and I still can't get to the bottom of it.
What would be the correct treatment in order to "claim" the credit of £525.00? Would it simply be a case of raising an internal credit note and then deducting this from the next invoice(s) due for payment, thus using up the credit balance?
Many thanks in advance for any advice.
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