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Tag: bankruptcy

How to handle when a customer has an overpayment in account balance and goes out of business

Dec 25, 2015

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by

admin

in Credit Memo, Customers, Vendor, Vendor Credit, Vendors

Accounting treatment in QuickBooks is exactly the same like when Vendor goes out of business prior to payment for the open balance. If the vendor (or customer with a credit balance) goes out of business due to bankruptcy, keep it until you hear from the courts with instructions as to where to forward your payment.…