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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