Write Off an Invoice in QuickBooks

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Write Off an Invoice in QuickBooks
By Dancing Numbers
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In todays world, businesses are constantly on
the hunt for ways to save money. Whether its by
cutting back on expenses in general or by finding
ways to reduce the amount of money they owe,
theres always room for improvement. One way to
reduce your balance sheet debt is by writing off
an invoice. This can be a great way to reduce
your overall liability and free up money that you
can use elsewhere. In this article, we will walk
you through the process of writing off an invoice
in QuickBooks.
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Reasons to write off an invoice

• If you have to write off an invoice in
  QuickBooks, there are a few reasons why
• The invoice is for an overpaid bill or one that
  is not valid
• The amount on the invoice doesnt meet the
  criteria for a valid expense
• The customer has stopped paying bills
• You dont have enough money left in your account
  to cover the cost of the invoice

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Mistakes to Avoid

• If you want to write off an invoice in
  QuickBooks, there are a few things to keep in
  mind.
• First, make sure the invoice is for a legitimate
  business expense.
• Second, follow the correct procedure for writing
  off an expense.
• And finally, be sure to keep accurate records of
  your writing offs so you can document your claims
  properly.

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How to write off a bad debt invoice in QuickBooks
If you have a balance on an invoice that you no
longer want to pay, there are a few ways to write
it off in QuickBooks. The best way to decide
which method is best for you depends on the
specific situation. One option is to write off
the entire balance as a bad debt expense.
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• To write off an entire balance as a bad debt
  expense, open the Expenses list in QuickBooks
  and click on the Bad Debt Expenses folder.
• From here, select the invoice from which you want
  to write off the balance and then click on the
  Write Off Balance button.
• This will open the Write Off Bad Debt dialog
  box. In this dialog box, youll need to provide
  information about why youre writing off the debt
  (for example, because its been more than 12
  months since you received payment) and how much
  of the original balance you want to write off (in
  dollars).
• After making your changes, click on the OK
  button to save your changes and close the dialog
  box.
• This will write off the entire balance of the
  invoice as a bad debt expense in QuickBooks.

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