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Writing Off Bad Debt in QuickBooks? You Need To Read This First?

When the invoices which you send in QuickBooks Desktop become un-collectible then the users should register them as bad debt and write them off. In this presentation, we will provide you with the steps for writing off bad debt in QuickBooks.

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Writing Off Bad Debt in QuickBooks? You Need To Read This First?

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  1. Writing Off Bad Debt in QuickBooks? You Need To Read This First? When the invoices which you send in QuickBooks Desktop become un-collectable then the users should register them as a bad debt and write them off. In this presentation, we will provide you with the steps for writing off bad debt in QuickBooks. Now move to the next slide for knowing the steps.

  2. Methods for writing off bad debt in QuickBooks. • In the first step, from the Company section, click on the Gear icon and select the Chart of Accounts option. • Select the option for creating a new account. • From the Account Type drop-down list, click on the Expenses option. • Then, from the Detail Type drop-down list, select all your Bad Debts and type the Bad Debt in the Name field. • In the end, select Save and Close for completing this procedure. Creating the Bad Debt Account in QB

  3. Setting up a Credit Memo for the Bad Debt • At first, click on the plus icon at the top of your QB dashboard. • Now, under the Customers section, select the Credit Memo. • Next, from the Customer drop-down list, select the customer. • Now, click on the item that which you have created for the bad debt in the Product / Service field. • Enter the amount of bad debt or unpaid invoices with positive values. • Go to the memo text box and type in the amount of bad debt in there. • In the end, click on the Save and Close option for completing this step. • After that, go to the new product and then from the Product / Service Information section, select the Non-Inventory option. • Next, type Bad Debt inside the Name text box. • Now, in the Income Account section, click on the Bad Debt expenditure. • Then after, un-mark the “Is Taxable” check-box. • In the end, click on the Save and Close option.

  4. Conclusion In the previous slides, we discussed the methods forwriting off bad debt in QuickBooks. In case you have any query related to QuickBooks, call our QuickBooks experts for help at our toll-free number(855)-526-5749.

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