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 How to Write off Bad Debt in QuickBooks | Dofollow Social Bookmarking Sites
2016
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HOW TO WRITE OFF BAD DEBT IN QUICKBOOKS

repaircontact001 1 minute ago News write off bad debt in quickbooks desktop All
https://www.repaircontact.com   Discuss  Published New Discard Success!
When it comes to writing off bad debt in QuickBooks, there are a few different
options that you can choose from. You can either write off the bad debt as an
expense, which will reduce your taxes owed, or you can write it off as a loss on
your books. If you decide to write off the bad debt as an expense, you will need
to enter the amount of the bad debt into your QuickBooks account and then create
an invoice for the customer. Make sure to include the date of the invoice and
the amount of the bad debt in the memo section. Once you have created the
invoice, you will then need to go to your bank reconciliation screen and
reconcile the bad debt against your outstanding receivables. Before you write
off bad debt in QuickBooks, there are a few things you need to know. First, you
need to be sure that the debt is truly uncollectible. This means that you've
tried everything to collect the money but it's just not possible. Second, when
you write off bad debt in QuickBooks, it will decrease your income for tax
purposes. So be sure to keep this in mind when making your decision. Third,
writing off bad debt can have an impact on your business credit score. This is
something you should consider if you think there's a chance the customer may
eventually pay the debt.

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