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Best practice for vendor credit write-off
November 22, 2024
Q. Is there a best practice for when to write off an expected vendor credit from the balance sheet? Our organization returned product to a supplier with a the expectation of receiving a credit from the supplier. The expected credit was booked on the balance sheet. What is the best practice or timeframe for when the expected credit should be considered a writeoff from the balance sheet?
A.
(Answered by the IOFM Advisory Panel)
It depends on your state and timing of the credit. Once you book the…
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