Difference between revisions of "How do I write off bad debts?"
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== Summary == | == Summary == | ||
This Article will explain the process that you need to take when you have classed an invoice as being bad debt and wish to pay it off the system, as there has been no response from any debt chasing. | This Article will explain the process that you need to take when you have classed an invoice as being bad debt and wish to pay it off the system, as there has been no response from any debt chasing. | ||
== More Information == | == More Information == | ||
| + | Once you have exhausted all forms of debt chasing and have decided that an invoice needs to be written off as bad debt you will need to got to: | ||
| + | * {{Menu|Sales Ledger|Receipts}} | ||
| + | * Following the [[How do I Allocate a Payment to an Invoice?]] knowledge base article select the invoice you are going to pay off. | ||
| + | * Fill in all payment details and make sure that the {{DataPrompt|Payment Centre :}} is set to your '''"Bad Debt"''' centre. | ||
| + | ** If you do not have a '''"Bad Debt"''' centre you will need to create one making sure that it is created as a {{DataValue|Profit & Loss - Overhead}}. ''(see article'' - [[How do I Create a Nominal Code?]]'')''. | ||
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| + | |||
| + | {{Note|text=At the end of the V.A.T. quarter you will need to do a V.A.T. | ||
| + | [[How do I Post a Journal with VAT Involved?|Journal]] on the amount within the '''"Bad Debt"''' Centre.}} | ||
== See Also == | == See Also == | ||
| + | * [[How do I Allocate a Payment to an Invoice?]] | ||
* [[How do I call up the CRM?#More Information|How do I call up the CRM?]] | * [[How do I call up the CRM?#More Information|How do I call up the CRM?]] | ||
* [[How do I print an Aged Debtor or Creditor List?]] | * [[How do I print an Aged Debtor or Creditor List?]] | ||
* [[How to process a month end#Sales Ledger|How to process a month end]] | * [[How to process a month end#Sales Ledger|How to process a month end]] | ||
| + | * [[How do I Create a Nominal Code?]] | ||
| + | * [[How do I Post a Journal with VAT Involved?]] | ||
Revision as of 16:12, 23 May 2011
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This article or section is under review. Be aware: Content may change as the document is reviewed. |
Summary
This Article will explain the process that you need to take when you have classed an invoice as being bad debt and wish to pay it off the system, as there has been no response from any debt chasing.
More Information
Once you have exhausted all forms of debt chasing and have decided that an invoice needs to be written off as bad debt you will need to got to:
- " Sales Ledger Receipts"
- Following the How do I Allocate a Payment to an Invoice? knowledge base article select the invoice you are going to pay off.
- Fill in all payment details and make sure that the "Payment Centre :" is set to your "Bad Debt" centre.
- If you do not have a "Bad Debt" centre you will need to create one making sure that it is created as a 'Profit & Loss - Overhead'. (see article - How do I Create a Nominal Code?).
 | At the end of the V.A.T. quarter you will need to do a V.A.T. Journal on the amount within the "Bad Debt" Centre. |
