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J012
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| Posted: 24 Jan 2017 at 11:51 | IP Logged
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Our company sells consumer products to retail chain
stores. The retailers often "short-pay" their invoices
with deductions cited for "vendor non-compliance
penalty" or "damaged product". The non-compliance
penalties are levied against us whenever a shipment
arrives a day early/late, or the packing list contains
an error, or a box has a label in the wrong place,
etc.... The damaged product chargebacks are levied
against us whenever product arrives damaged, or a
consumer returns a product to the store (or someone
damages a product by dropping it and then just sticks
it back on the shelf for the someone else to find
later). Our customers
(the retailers) deduct these chargebacks for "non-
compliance penalties" (fines really) or "damaged
merchandise" from
payment of our invoices. We do not have them return
damaged product due to shipping & handling costs
(most items sell to the retailer for $3-$4).
Our current practice is to issue a credit memo (debit
to "non-compliance fees expense" account or "damaged
merchandise expense" account) and apply the credit
memo to the invoice from which the customer short
paid.
But what do we, when 3 months later, a retailer
determines that the deduction was taken in error and
pays us the amount that was deducted earlier? How do
we record this properly - so that we get an accurate
picture of the profitability of this customer account?
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Guests
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| Posted: 07 Mar 2017 at 04:28 | IP Logged
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Guests
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| Posted: 27 Apr 2017 at 13:22 | IP Logged
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Guests
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Guests
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| Posted: 07 Jun 2017 at 05:50 | IP Logged
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Topic: Receiving Payment of Written Off Invoice
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