Writing off Bad Debts in QuickBooks Desktop – Explained
Bad debt is the amount that a business or a company is unable to recover from the debtor in case the borrower has gone bankrupt or is unable to pay the debt for some reasons. Debt issues can severely affect the profit and loss reports while reconciling the accounts in QuickBooks. Bad debt is generally related to account receivables and is also referred to as uncollectible account. The reason why having a bad debt account and writing off bad debts is essential is to avoid discrepancies in sales and income statement and profit and loss reports. The following article will guide you through the steps of writing off bad debts in QuickBooks Desktop.
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Edward Martin is a Technical Content Writer for our leading Accounting firm. He has over 10 years of experience in QuickBooks and Xero. He has also worked with Sage, FreshBooks, and many other software platforms. Edward’s passion for clarity, accuracy, and innovation is evident in his writing. He is well versed in how to simplify complex technical concepts and turn them into easy-to-understand content for our readers.