After going through the historical aged TB for this new client, I see that there are residual unapplied credit amounts fromFY15 which ended 8-31-15 for these guys. What is the proper treatment of these payment credits now that FY15 closed months ago.
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These credits were earned in the prior year and not taken in the prior year?
So you are saying the client paid the full amount of an invoice and did not take the credits offered? Or did suppliers simply after the fact send them credits to be used by them as they wanted?
I know more questions.
If the Vendors that issued the credits are all onside, they should be expecting the client to take and use the credits. So, likely I would apply them to current invoices and see where that ends up.
As to when to date - that is really a matter that the accountant needs to answer.
Hope this helps some.
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André Arnaud de Cal...
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