Microsoft Dynamics NAV 2013: How to Use Payment Tolerance to Save You Time (and Learn to Cook!)

We have all received checks from customers that were less than what they owed—that is a given. The question is, why did they send less than what they owed? Outside of any extraordinary situations, the most common reasons include: the customer was not paying attention when they issued the check and sent a lesser amount, they did not enter the invoice into their accounting system correctly, or they may have transposed some numbers when issuing the check. In these cases, if the amount is insignificant, and it came from a good customer, you may wish to just write off the amount.

Bron : ArcherPoint
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Changes in Accounting for VAT on Payment Terms

UK VAT legislation on prompt payment discounts (PPD) will be aligned with EU VAT legislation.

The government has made changes to the way VAT registered persons and companies account for VAT where they offer or take payment discounts (PPD). The current process will be amended to align with the Principal VAT Directive (PVD) which requires VAT to be accounted for on the consideration actually received and was introduced in the Finance Bill 2014. Further information is available from the HMRC Website.

Bron : Ash Chandler
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