If a credit memo is not going to be issued for the total by the mill, the first step will be to post the credit memo as presented (leaving a balance on the Claim) through the accounts payable portion.
Return to the Claim and post a second settlement for the remaining balance and abandon the accounts payable portion (if you are in a version where you cannot abandon, send to a/p and void the a/p).
This will result in the Cost of Claims account not receiving a 'wash' credit for the portion the mill denied, and accordingly, this portion of the claim will have the financial effect of an expense.
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