A write-off is the elimination of uncollectible debt from one of your customers. Write-offs are performed when collection efforts have been exhausted and no further attempts will be made to settle the outstanding receivable.
If a customer fails to make a payment on an invoice, and you believe that the payment will not be received, you can create a write-off, which reduces the previously recorded amount of the asset. Write-offs are often performed in conjunction with, or after, dunning as part of the collections process, and only the full unpaid balance may be written off.
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Write-Offs
Write-Offs
Overview
High-Level Bad Debt Management by Receivables Department
Creating a Write-Off
Getting Here: Click Accounts > search for an account > Payments & Credits > Write-Offs/Dispute Holds
- Click Create a New Write-off.
- Select an invoice for which you would like to write-off all, or part, of the unpaid balance.
A specific write-off screen for that invoice displays.
- Enter an amount to write-off in the Write-Off Amount field.
Note: This amount cannot exceed the total amount of the invoice. The total amount of the invoice is displayed at the top of the screen.
If the write-off is for a child account, the amount of the write-off is set to equal the invoice amount for that account and cannot be modified. If the parent has paid any amount on the balance transfer from a child invoice, the child invoice cannot be written off. You cannot partially write off a child account.
- Select a reason for the write-off from the Write-Off Reason drop-down.
Note: The write-off reasons that are listed in this drop-down cannot be customized.
- Enter any additional information detailing the write-off in the CSR Comments field.
Note: Any notes entered in the CSR Comments field will not display for clients.
- Click Create Write-Off.
A confirmation screen, with the write-off details, displays.
- Confirm the accuracy of the write-off, then click Create Write-off again to finalize the process.
A confirmation displays and the write-off is recorded in the list of write-offs against the account.
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