Provisional Penalty Deduction during MIRO
We have a following scenario :
We placed a PO to Vendor and on receipt of Material GR was done and in MIRO as per PO & GR , Vendor need to be Credited by Rs 2000 .
However due to Late Delivery in supply , we want to impose a provisional penalty of Rs 500 to the Vendor and due this provisional penalty Vendor should be given clean Credit of Rs 1500 and Rs 500 should be Credited into Vendor Suspense /Provision account .
Pl guide us as what steps we should perform to address this scenario .