- Membership
- Certification
- Events
- Community
- About
- Help
Best practice for vendor credit write-off
January 23, 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…
Become A Member
Join IOFM today as a Professional, Business, or Enterprise Member — or upgrade your Starter Membership — to get access to this content and thousands of other Articles, Webinars, Expert Answers, Resource Downloads, and more!
Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know.
Ask The Expert is a member resource of IOFM and all advice provided is subject to site’s Terms of Use.
What are you waiting for?
