more-arw search

Q&A Forum

Is a Debit Memo collectable?

We paid a vendor for a couple of invoices in 2014. Paid in Full as invoiced. Vendor changed ownership. Now 12-10 months later, the Vendor presents Debit Memos for unbilled items and demands payment. Large national company ~ $20,000 What would you do? Can they collect on Debit Memo? (Rest of the story...They never invoiced for freight - even though we had brought it to their attention. They switched to SAP - only company named for its customers!)

Answers

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

That your vendor changed ownership is moot. That you told them and they didn't charge you at the time is moot.

What did your purchase order say or what did the sales order/invoice say FOB was.

SInce its only 10 months later, well within the statute of limitations, notwithstanding anything to the contrary (FOB) you owe the money.

1157 views
Topics
Products and Companies

Get Free Membership

By signing up, you will receive emails from Proformative regarding Proformative programs, events, community news and activity. You can withdraw your consent at any time. Contact Us.

Business Exchange

Browse the Business Exchange to find information, resources and peer reviews to help you select the right solution for your business.

Learn more

Contribute to Community

If you’re interested in learning more about contributing to your Proformative community, we have many ways for you to get involved. Please email content@proformative.com to learn more about becoming a speaker or contributing to the blogs/Q&A Forum.