nkamuni_mca

 Profile Answers by nkamuni_mca Questions by nkamuni_mca

• Mar 5th, 2010

 

The Debit balance recovery is usually made by raising a credit memo for the regular vendors. However if there are no future transactions from the supplier, we ask the vendor to send the check / make an EFT for the amount due from him.

gauravcanada2003

 Profile Answers by gauravcanada2003 Questions by gauravcanada2003

• May 12th, 2010

 

When payment is made to the wrong vendor or payment made in excess, in that case overpayment has gone to the vendor, so for us it is vendor debit balance.

For debit balance recovery, we can either followup with the vendor to send us the excess amount / refund back, or we can adjust that extra amount in future invoices submitted by that vendor.

In case no future transactions, we have to followup with the vendor, failing which we have to write off this amount.