Advertise here    

QuickBooks Forums      

Go Back   QuickBooks Forums > QuickBooks Software Support > QuickBooks Pro Forum

Reply
 
Thread Tools Rate Thread Display Modes
  #1  
Old 02-23-2008, 02:07 PM
Susanna Susanna is offline
Registered User
 
Join Date: Aug 2007
Location: USA
Posts: 146
writing off an unpaid invoice?

I have an open invoice that I am sure the customer will never pay. Can I some how enter it as being "stiffed" by the customer and write off on my taxes?
__________________
Susanna
Reply With Quote
  #2  
Old 02-24-2008, 06:20 AM
Joe Williams Joe Williams is offline
Registered User
 
Join Date: Jan 2006
Location: Oklahoma
Posts: 8,934
Create a new expense account "Bad Debt" and then use the Receive Payment for that customer and discount the open invoice amount using that account.
__________________
Joe Williams
joewilliams@wavelinx.net
Piedmont, Ok
Reply With Quote
  #3  
Old 02-25-2008, 04:07 AM
risrik risrik is offline
Registered User
 
Join Date: Feb 2008
Posts: 6
This was very helpful! I have had a couple of invoices sitting for a long time that would never be paid from this one customer. Just to make sure I did it correctly, after doing the above, an entry for the customer comes up as 'Discount' in a negative amount and the customer's balance is now zero. The Customer Payment window for that customer will still have the invoice(s) listed but not checked (because they weren't paid for) but with a balance of $0.00.

Thanks for your help!

Last edited by risrik; 02-25-2008 at 05:21 AM.
Reply With Quote
  #4  
Old 02-27-2008, 10:12 AM
jetski jetski is offline
Registered User
 
Join Date: Jul 2005
Location: NY
Posts: 78
Is this the same for Cash Basis?
Reply With Quote
  #5  
Old 03-02-2008, 08:42 PM
ee99ee ee99ee is offline
Registered User
 
Join Date: May 2003
Location: USA
Posts: 53
Quote:
Originally Posted by jetski View Post
Is this the same for Cash Basis?
No. Cash basis doesn't record transactions until they are received, so you don't have bad debt.

-Chris
__________________
ServerMotion
servermotion.com
Web Hosting and Services
Reply With Quote
Reply

Bookmarks
Bookmark and Share
Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is On

Forum Jump


All times are GMT -5. The time now is 02:22 AM.


 

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
All contents copyright (c) by AccountingUsers Inc.