Malysia: Since 2013

Open Credits

Determine if a vendor is active, if so a deduction is a simple recovery strategy.
Review vendor activity across all departments.
Request a statement directly from the vendor and reconcile against internal records.

In reviewing a vendor statement, we identified 14 aged credits totaling $69K against a technology provider who seemingly worked exclusively with our client’s IT department.

When presented to the client, they claimed they “previously settled with this vendor, and posting credits would amount to a double booking.” The client explained the vendor is an IT vendor and the department confirms this is accurate and no additional transactions exist.

Upon further examination, we realized another department within the company, which had a certain level of autonomy, placed orders with the vendor unbeknownst to the IT department. Given this information, our client agreed to deduct the credits against company-wide invoices regardless of department.