Writing off bad debts is made easier by QuickBooks. At times in our accounting books, due to non-payment of invoices, they become bad debts. And writing them off our accounting statements is a way hectic job but not with this software.
Here are the steps to write off bad-debts in QuickBooks
But before you move further writing of the bad debts please make sure your Account Receivable Aging Detail report is correct. To check it, go to
Reports> Customers and Receivables> A/R Aging details.
Here are the steps to write off bad-debts in QuickBooks
But before you move further writing of the bad debts please make sure your Account Receivable Aging Detail report is correct. To check it, go to
Reports> Customers and Receivables> A/R Aging details.
Steps to Writing Off Bad-Debts
If you have a bad debt account already, the procedure is quite quick. But if you don’t have a bad debt account set up you must follow this procedure
- Click on the Gear icon and select chart of accounts.
- Select new.
- Now chose expense in account type and bad debt at the place of account name and bad debts at detail types.
Recording the Bad-Debts
- Click on the customer’s menu and select receive payments from the drop down.
- Select the customer who made bad debt from the list of customers.
- Choose the line item that matches with bad debt.
- Click on the discounts and credit, and at the place of discount write down the total payment, as nothing was received on behalf of the customer. Click done.
- Select save and close to save the transaction.
Note - If Bad Debt was received in the form of cheque bounce, don’t forget to account for the bounced cheque.
Conclusion - This blog was all about writing off bad debts in QB software. In the accounting world, invoices turning into bad debts are a common phenomenon but making entries after considering them bad debts is way too complex. But this software makes it easy to mention every single detail of the bad debt and clearing all tax and other expenses over the customer whose money was either bounced by a cheque or he was considered bankrupt.
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