QuickBooks provides you may opt to make your business more easy and advanced. One of the toughest tasks is getting money from your clients, which also affects your business if you don’t get the money on time. Sometimes many customers don’t pay for a long time and in that case, you can’t do anything. But yes, you can write off Invoice in QuickBooks. The steps to writing off Invoice in QuickBooks are very essential to maintain the accounts receivable and net income. Let’s look out the below article which informs you how to write off in QuickBooks.
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What is the Necessity of Method for Writing off Invoice in QuickBooks
Whatever the reasons for the customer is not paying you, but you should maintain the record for the same. Some of the reasons are mentioned below.
- Deleting an unpaid invoice means you are deleting the important data, which might help you to deal with the same customer in the future.
- While writing of invoice percentage you need to maintain a check.
- Always instead of writing off, if you delete the data it means you are creating a mess to your Sales tax payable liability account.
- Deleted invoice is shown as unbilled and it comes whenever you work with the customer. It leads to a lot of confusion happens.
Also Read : How to Enter Expenses in QuickBooks
Steps to Record Unpaid Invoice
Points to Add Expense Account for Tracking Wrong Debit.
- Go to Lists menu >>> select Chart of the Account option
- Select Accounts >>> Go to New menu
- Now, select Expense >>>> Continue
- Give a relevant account name in the Account Name field
- Finally Save and close
How to Close the Bad Debt/Unpaid Invoices
- Go to Customer menu >>> select Receive Payments
- Mention the customer name for which you are willing to write off an Invoice in QuickBooks in Receive from the field.
- Go to the payment amount and type $0.00
- Go to Discounts and Credits
- At last click on Save and Close
Also Know : How to Set up Chart of Accounts in QuickBooks
Hopefully above information for “How to write off Invoice in QuickBooks “help you a lot. For any queries, help dial +1844-313-4856 and get connected with the QuickBooks experts. The team is available 24*7 to provide you effective resolutions with prompt response. QuickBooks team is highly trained, certified, and has many years of experience, this makes sure that you are in the right hand and will be getting quality services. You can also email at [email protected] or fill the contact form to get a call from one of our QuickBooks executives.