Payment default by unregistered vendors
I have 1-2 unregistered vendors who have defaulted on payments. But since they are not Registered, so question of input vat doesn’t arise for them. However for us to adjust output vat on such bad debt payment, do we still need to notify them, given the fact that they are not registered. Thanks in advance for any feedback /views on this issue.
14/05/2020 08:41:02
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SAJITH N14/05/2020 12:08:28
since they are unregistered suppliers there is no Input adjustment as you correctly mentioned. For reversing the payable i would recommend to raise a debit not for the reversal as FTA can ask supporting for the authenticity of credit in expenses/payables written back
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