What to do if client paid an invoice twice?

[northernladuk]

Is this another mumsnet attempt?

I seriously hope so!!!

[oscarose]

Q. What to do if client paid an invoice twice?
A. You'd be 'off your rocker' not to own up. This "honest I didn't notice" line is pretty lame.

[Wanderer]

My client (a bank) have paid an invoice twice by mistake. It has been now two weeks and no one has complained yet and its so tempting just to not even mentioning it after all that bloody rate cut announcement.

Just keep it, it's not like banks are any good at keeping track of money or are that bothered about people being honest, is it?

[Scrag Meister]

As you say you have noticed it, so fess up to the client/agent.

Lets face it, it's not even worth hanging on to for long as the interest rates are so dire at the moment.

Having said that I had my personal account manager ring me the other day and change my savings account from paying 0.1% interest to 1.8%, still nothing compared to back in the 2007 when I started contracting, but still a 1800% increase.

[tractor]

As an accountant we'd advise you to tell the client, and then leave it on your accounts as a creditor. That way if they do ask for it back at any time it's there ready to be paid, and you've not had to pay VAT or CT on it in the meantime. It also then doesn't incorrectly inflate your profit, which could potentially lead to you having paid illegal dividends when you have to repay the agent (if you don't have the profit to support the dividends paid).

This, exactly.

It amazes me how many people here whine about dodgy practices from agents and clients then ask advice on engaging in the same.

The fact that you think you have to account for VAT on something that you have not invoiced for is actually beyond me. Perhaps the OP needs some basic accounting skills?

[tractor]

..

I seriously hope so!!!

First post, hidden profile, uses 'corporate' instead of 'corporation'...

I'd say so. Although from that disgusting post the other day, perhaps it should be renamed to Bumsnet??