non payment of invoice
Can I write off a non payment of an invoiced customer owed to my LLC and how do I treat this?
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12/11/09 5:30pm PST
Viewed by asker 12/11/09 6:05pm PST
Viewed by asker 12/11/09 6:05pm PST
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tilt53
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12/11/09 5:50pm PST
Are you cash based or accrual? It makes a difference in how we answer.
Hail Cleo-Cat-Tra, Queen of Denial. I didn't do it.
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12/11/09 5:54pm PST
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The exact process depends on if you are using Quickbooks or a different standard accounting program - since QB has some static accounts embedded into the invoicing process. But basically, you are going to counter the Account Receivable with a Bad Debt expense. It shows as a Sale (you did make a sale), then the expense effectively zeros the sale out.
NanseaLevy
- If we knew what it was we're doing, it would not be called Research. - Albert Einstein
- If we knew what it was we're doing, it would not be called Research. - Albert Einstein
