|
#4
01-02-2006, 05:17 PM
| |||
| |||
 Re: bad debt write offs "Tara in Austin" <TarainAustin[at]discussions.microsoft.com> wrote in message news:B3D17D14-5217-431D-8E40-975D99A503C8[at]microsoft.com... - quote - > I guess I wasn't really clear - I meant without affecting what I billed
Not having SB, I'm unable to provide any other suggestions about the> originally. For example, I billed Mr. Smith $300. He paid $200 and then > filed bankruptcy. The other $100 is bad debt. I want to write it off so > Mr. > Smith is no longer on my Receivables report and I can close his account. > It > seems I can only transfer from my Checking account (which is money I > already > received) to bad debt, so my Receivables report still looks the same (Mr. > Smith still owe's $100). Do I pretend like Mr. Smith paid the $100 and > then > transfer that to Bad Debt? I just can't seem to wrap my brain around > this - > I've used other accounting systems and not had this difficulty. Thanks > for > your help! mechanics of making it work. Sorry. If you write off the bad debt, I don't think your receivables report can show he still owes $100. You wrote it off, meaning it's forgiven, no? -- Chris Cowles Gainesville, FL |
|
#3
01-02-2006, 05:12 PM
| |||
| |||
| Re: bad debt write offs I guess I wasn't really clear - I meant without affecting what I billed originally. For example, I billed Mr. Smith $300. He paid $200 and then filed bankruptcy. The other $100 is bad debt. I want to write it off so Mr. Smith is no longer on my Receivables report and I can close his account. It seems I can only transfer from my Checking account (which is money I already received) to bad debt, so my Receivables report still looks the same (Mr. Smith still owe's $100). Do I pretend like Mr. Smith paid the $100 and then transfer that to Bad Debt? I just can't seem to wrap my brain around this - I've used other accounting systems and not had this difficulty. Thanks for your help! "Chris Cowles" wrote: - quote - > "Tara in Austin" <TarainAustin[at]discussions.microsoft.com> wrote in message > news:77F017D8-7502-4901-A384-37F67AD0FFD5[at]microsoft.com... > > I tried creating a transfer transaction, but Money will not let me > > transfer from Receivables to > > Bad Debt... Does anyone have any idea how to make this happen without > > affecting my income figures? > You can't do that in any accounting system, to my knowledge. A loss of an > asset (AR) is an expense. That affects income figures or, at least, your > Profit and Loss statement. > -- > Chris Cowles > Gainesville, FL |
|
#2
01-02-2006, 02:06 PM
| |||
| |||
| Re: bad debt write offs "Tara in Austin" <TarainAustin[at]discussions.microsoft.com> wrote in message news:77F017D8-7502-4901-A384-37F67AD0FFD5[at]microsoft.com... - quote - > I tried creating a transfer transaction, but Money will not let me
You can't do that in any accounting system, to my knowledge. A loss of an> transfer from Receivables to > Bad Debt... Does anyone have any idea how to make this happen without > affecting my income figures? asset (AR) is an expense. That affects income figures or, at least, your Profit and Loss statement. -- Chris Cowles Gainesville, FL |
|
#1
01-02-2006, 12:24 PM
| |||
| |||
| Re: bad debt write offs Thanks Chris. The problem I am having is in getting the payee's balance to zero out so he won't keep appearing on the Aging Receivables report. It seems that no matter how I manipulate the amount to be written off, the payee still has the same balance! I tried creating a transfer transaction, but Money will not let me transfer from Receivables to Bad Debt... Does anyone have any idea how to make this happen without affecting my income figures? "Chris Cowles" wrote: - quote - > "Tara in Austin" <Tara in Austin[at]discussions.microsoft.com> wrote in message > news:9A723321-EAE8-42F3-9588-7DFF7C2A56F0[at]microsoft.com... > > How do I post bad debt write offs? I need the write off to reduce the > > payees > > balance so they don't show up on a receivables report anymore. I tried > > creating an expense to offset the uncollectable debt but the payee still > > shows an outstanding balance. Help please! > I'm not familiar with what I assume is Money SB but, in general accounting, > you have to create a transfer transaction that reduces the payee's balance. > The original increase in balance was sales income. The decrease would be a > write-off or discount expense. > -- > Chris Cowles > Gainesville, FL |
|
12-31-2005, 04:06 PM
| |||
| |||
| Re: bad debt write offs "Tara in Austin" <Tara in Austin[at]discussions.microsoft.com> wrote in message news:9A723321-EAE8-42F3-9588-7DFF7C2A56F0[at]microsoft.com... - quote - > How do I post bad debt write offs? I need the write off to reduce the
I'm not familiar with what I assume is Money SB but, in general accounting,> payees > balance so they don't show up on a receivables report anymore. I tried > creating an expense to offset the uncollectable debt but the payee still > shows an outstanding balance. Help please! you have to create a transfer transaction that reduces the payee's balance. The original increase in balance was sales income. The decrease would be a write-off or discount expense. -- Chris Cowles Gainesville, FL |
|
#-1
12-30-2005, 09:43 PM
| |||
| |||
| bad debt write offs How do I post bad debt write offs? I need the write off to reduce the payees balance so they don't show up on a receivables report anymore. I tried creating an expense to offset the uncollectable debt but the payee still shows an outstanding balance. Help please! |
| Tags |
| bad, debt, offs, write |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Write offs/adjustments/reversing an entry Marilene: How do you do write off's in money. I'm use to using quickbooks and it has an area for adjustments write offs and so on. I can't seem to do... | Microsoft Money | 4 | 11-23-2005 07:07 PM | |
| Debt Reduction Planner - write it off? Wess: I've been trying to get my DRP and budget all working together nicely, but the thing just doesn't seem to work out. I did a search for DRP related... | Microsoft Money | 5 | 12-30-2003 01:38 PM | |
| Spin Offs Sherman: Is there are reasonable way (or work around) to getting recording: 1) a spin off (i.e. Merck spins off Medco) 2) an exchange of some shares... | Microsoft Money | 1 | 12-25-2003 09:17 PM | |
| write checks out of an investment account John Schoen: Since most brokerage accounts now have credit card and check writing privilages, has anyone figured a way to use MSWN BillPay out of an investment... | Microsoft Money | 2 | 10-05-2003 05:53 PM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
