Credit Notes are essentially a negative invoice used to rectify mistakes or credit amounts raised in your sales invoice. They may be used to credit all or part of an invoice depending on the circumstances and serve as an accounting record for both parties to counter the invoicing error.
The Grocery Code Adjudicator (GCA) has attracted sharp criticism for claiming that there is “no evidence” that late payments by supermarkets cause problems for suppliers.
Christine Tacon made the comments to Food Manufacture magazine, claiming that in the four years she has been in the role, retailers were honouring an average of 98 per cent of invoices on time.
The remarks have attracted disbelief and outrage from suppliers’ representatives in the industry. The Food and Drink Federation (FDF) pointed out the the government recognised there was a chronic cross-industry problem with late payments affecting SMEs, which make up 96 per cent of UK food and drink manufacturers.
Read more: ‘No Problem’ - Grocery Regulator Under Fire for Dismissing Late Payments Issue
A fine example of how not to carry out debt collection appeared in Singapore newspapers this week after three men were jailed for their part in a farcical incident.
Andra Chew Keng Leng, 40, Lim Boon Tiong, 43, and David Tan, 37, all employees of a debt recovery firm called Double Ace Associates, were sent with three colleagues to collect a debt from a food stall owner at Singapore’s Funan Digitalife Mall.
Read more: ‘Debt Recovery in Progress’ - Singapore Men Jailed Over Botched Debt Collection
With a little under a month before the UK goes to the polls - again - following PM Theresa May’s snap general election call, it is difficult to know on what ‘issues’ the public will be basing their votes.
Such has been the mad scramble caused by the election call, the major political parties have not yet even got round to publishing their manifestos - even the Tories, it seems, were caught on the hop by their leader’s out-of-leftfield decision.
One issue we’re sure all small business owners would like to see feature prominently is so-called late payment culture.
Read more: Will Late Payments Make It Onto The Election Radar?
