Home – New Forums Money matters Contra invoice

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  • #988322
    Kegaro
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    Asking for a friend in small business. Is there any ethical or legal timeframe in which a contra invoice should be issued? Especially from a company that has changed ‘ownership’ and then re-appeared? I believe the contra invoice is from the earlier period. My friend’s invoice to them was substantial, some amounts were quite overdue. A reduced payment has been received along with this ”contra invoice” for the difference. It’s my understanding that this contra invoice business is agreed between the parties, and usually in the same accounting period. I would appreciate any advice.

    #1166683
    LucasArthur
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    Howdy,

    Interesting question, sounds like case study..

    Anyways, my personal advice would be to tell your ‘friend’ that they should seek the professional advice of their accountant and or solicitor for their own peace of mind and so they can go back to someone should any said advice be received incorrectly.

    Kind regards
    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    #1166684
    Kegaro
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    That’s basically what I told him … just seeing if there was any general info out there. My feeling is that the whole thing is a bit off …

    #1166685
    LucasArthur
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    There will prob be some more experienced individuals pop along soon, although sounds like may need more delving than the simple explanation which is why i personally recommended the referral to existing professionals.. sometimes it just pays to PAY.. unfortunately..

    Cheers
    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    #1166686
    Kegaro
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    Thank you Jason. I’ve said the best thing to talk to accountant. I only have general outline of the problem by phone last night – sometimes I’m seen as the font of all knowledge and get these curly ones. The bit I see that would be a tad messy is that the contra is for services from the past business entity (which may or may not have gone bankrupt), not the existing one.

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