How to write off bad debt in QuickBooks Desktop? (Bad Debts)
Write off bad debts is a common thing in accounting and bookkeeping. The same task is carried out in QuickBooks accounting software as well. To write off bad debt in QuickBooks desktop or online, certain steps can be followed. Writing off bad debts is a must, as the user might face issues during the bank reconciliation and it will also assist in avoiding discrepancies and profit/loss statements. By writing off bad debts in QuickBooks, one can clear the invoices from the account receivables that assist in getting the appropriate profit amount. Considering the importance of writing off bad debts in QuickBooks, we have come up with this piece of information. Thus, keep reading further to elevate your understanding of writing off bad debts in QuickBooks. What is meant by Bad debts? Bad debts mean an amount that is unable to recover from the debtor. The debtor is the one who owes you some amount of money i.e. the borrower. When the debtor is unable to pay the amount, it is termed as bad deb...