Reply to: What to do if client paid an invoice twice?

[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??

[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?

[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.

[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?

[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.

[northernladuk]

Is this another mumsnet attempt?

I seriously hope so!!!

[d000hg]

My client (a bank) has decided to cut the rates by 10%, which really upset many people here.

Now I can see that they 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.

What would you do? Besides I have to obviously pay the VAT on it and keep it in books for the corporate tax, so I need to raise the invoice at least to my accountant. hehe oh man

Is this another mumsnet attempt?

[psychocandy]

Got paid an extra day a while back. Told the agency and they promised to sort it next month. They forgot I reminded them again, they forgot I reminded them. In the end I though sod it I've done my bit.

I thought I was going to keep it but they did eventually get their act together 6 months later.

When I was permie, got £1000 extra one month - guy with same name as me was supposed to get it. Told payroll. Same thing. In the end, gave up telling them. Left the company 6 months later and kept the money.

[VirtualMonkey]

I'd say it's just plain good business to tell them about it.
If it was the other way around you'd want them to tell you. Funnily ... I've just had an 18 month invoice paid that I had incorrectly marked as paid in my accounts. My accountant spotted it and told me. Got it paid in 2 weeks from telling the agency.
The money isn't yours and your reputation only increase through coming clean. No brainer if you ask me.

[BrilloPad]

If you have noticed then pay it back.

I notice it is your first post - are you posting this via the bank website? If so they will monitor EVERYTHING. If you hold off, then you get caught they might trawl back through your records.

Next time just do not notice!

[Clare@InTouch]

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).

[BlasterBates]

Trouble is they will spot it in a few months. Eventually an accountant will go through to reconcile the accounts.

Would be advisable to sort it now honestly.

Strictly speaking it's fraud if you keep it knowingly, but you could say "you didn't notice it".

Same thing happened to me the other way round. I plain forgot to send my timesheet to the agency. 6 months later I got an e-mail asking why I hadn't submitted a timesheet for that month.

The latest they'll spot it is in the end of year accounts as the books won't balance.

[rd409]

My client (a bank) has decided to cut the rates by 10%, which really upset many people here.

Now I can see that they 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.

What would you do? Besides I have to obviously pay the VAT on it and keep it in books for the corporate tax, so I need to raise the invoice at least to my accountant. hehe oh man

It is just time before, someone in the accounts will notice the difference, and will ask the money back. It is going to be a lot more difficult to annul the dodgy invoice then.

I don't think your accountant will let you keep this as well.

My 2p.

Dave.

[ronanm]

My client (a bank) has decided to cut the rates by 10%, which really upset many people here.

Now I can see that they 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.

What would you do? Besides I have to obviously pay the VAT on it and keep it in books for the corporate tax, so I need to raise the invoice at least to my accountant. hehe oh man

What have you got to lose?.... Oh yeah...!

[kmge]

My client (a bank) has decided to cut the rates by 10%, which really upset many people here.

Now I can see that they 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.

What would you do? Besides I have to obviously pay the VAT on it and keep it in books for the corporate tax, so I need to raise the invoice at least to my accountant. hehe oh man

Give it back. It's theft, bit of a no brainer really. Oh, and if it is a Bank, they will find out. Might not be today or next week, but they will track it down.