Write Off accounts
US QuickBooks Premier : 2011: Accountant
How to create Write Off accounts for small balances ?
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Allsol
Questions asked: 1
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Questions answered: 1
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ProAdvisor Canada
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10/15/11 8:26pm PDT
Viewed by asker 10/21/11 7:00am PDT
Viewed by asker 10/21/11 7:00am PDT
3 Replies
qbteachmt
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Questions answered: 43440
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Intuit Moderator
Mod/Co-mod
10/15/11 8:43pm PDT
The solution
Create an Other Charge type of item and link it to an Income account. Use this item on credit memos to apply to customer open balances.
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10/18/11 5:49am PDT
Hi
Would you please give me more ditails on"Use this item on credit memos to apply to customer open balances"
What are the steps for doing that?
Thank you in advance
qbteachmt
Questions asked: 107
Questions answered: 43440
Points earned: 106584
Questions answered: 43440
Points earned: 106584
Accountant Community AllStar
Advisory council of Accountant community power users.
Allstar
Advisory council of community power users.
Intuit Moderator
Mod/Co-mod
10/18/11 12:10pm PDT
Latest post
Let's pretend a customer owes you $100 but isn't going to pay.
Use Credit memo for this customer name with this item that you created and $100 and let QB apply the credit to the open charge.
Let's pretend the small amounts are from banking payment fees. You should process the customer payments in full and not leave the small balance. To clear each of these now, your new item would link to a Banking Fee Expense account and use this item on the credit memo.
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