QuickBooks is a well-known accounting software used by small to mid-sized businesses. This software is very helpful for its users. But sometimes, if you stuck a deal with a client and for some reason, they are refusing to pay you. This situation is known as QuickBooks Bad debt.
The steps for QuickBooks write off bad debt have been explained in the following blog.
Bad debt is an amount which is unable to recover by a business or a company from the debtor. This happens because the borrower is unable to pay the debt due to some reason or has bankrupted. The issues related to QuickBooks Bad debt may affect the profit and loss reports during reconciling the accounts in QB. Bad debt is an unrecovered amount that is usually associated with account receivable. Due to this, it becomes necessary for a company to write-off bad debts in QuickBooks Online.
Follow the below steps and you should be able to write off your bad debts very easily.
This is the first thing you need to address before writing off bad debts in QuickBooks Online. Carefully review your Accounts Receivable Aging Detail Report. Here’s how you find it:
You will need to create an expense account.
Start off the process with this:
The steps to write-off bad debts have been mentioned in the above blog. We hope that the aforementioned steps assisted you to write-off bad debts in QuickBooks Online. There is a possibility that you may get stuck while performing any of the steps written above. In such cases, we advise you to call us immediately on our QuickBooks Online Error Support Number 1-855-365-6O12.