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MSME payment after 45 days

sujin (accounts executive) (222 Points)

22 March 2024

Dear experts,
we received invoice from msme vendor after 40 days from date of invoice
so we suggest them to provide credit note for the same and raise new invoice.. however vendor is not willing to provide credit note for the same .. could anyone guide me any alternate way to sort the issue

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2 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 23 March 2024

Ask details for late issue of invoice. It's reasonable then account the same as per date of invoice.

Otherwise You can ask the same way as per Your query.

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Yasaswi Gomes new (Finance ) (4514 Points)
Replied 23 March 2024

As per invoice act, it must be collected before 30 days. But you can get an invoice for an old date. It's basically illegal to not to give invoice and cognizable offence. Your idea cannot be correct because inventory audit must be adjusted when actual return is not recorded. However, invoice must be generated on that date only and can be given to you later on based on business relationship otherwise demand it.