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Financial Management - PSFT (MOSC)

How to account for a check that a Vendor pays due to overpayment

Jan 17, 2020 4:56PM edited Jan 27, 2020 2:26PM in Financial Management - PSFT (MOSC) 3 commentsAnswered

In case of overpayment to vendors -

1) sometimes Vendors say its ok to deduct out of future payments. In this scenario we issue a credit memo - and it adjust the vendors balance.

2) In the second scenario - the vendor send a check back - how to account for this in vendor aging - and tie the payment back to the vendor

1

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