Dear Experts,
In some cases we have received short payment from customers due to short quantity/rate difference.
These thing comes to notice after received the payment.
Customers are not giving us any debit note.
My Quarry is:-
For accounting purpose shall we book the short payment under discount head....
Please advise....
Guidance on Managing Short Payments: Use Credit Notes for GST Adjustments on Quantity or Rate Differences Without Debit Note. A discussion on handling short payments under GST was initiated, where the issue was about receiving less payment due to quantity or rate differences without a debit note from customers. An expert suggested booking the difference under a credit note and reversing GST liability for shortages or damages, advising prompt customer communication for deductions to adjust GST liability within the same month. Another expert explained that raising a credit note, with or without GST, can reduce tax liability and is reflected as a debit note in the customer's return, addressing the concern of accounting for discounts. (AI Summary)
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