Accounts Receivable Clean Up

by Debbie
(BC)

An accounts receivable has been sitting now for 1 year. I want to write it off as a bad debt.

How do I get it out of the accounts receivable and put into bad debt?

Thanks
Debbie



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Hi Debbie,

There are two ways to book bad debt ... on a GAAP basis and on a tax basis. You will need to determine which method your set of books uses.

Take a look at my article on Common Bookkeeping Entries. It includes the bookkeeping entries to record a write-off of a bad debt on a GAAP basis.

At the very end of the section, you will see a link on how to book your entry in QuickBooks. But don't go directly there and just book your entry. Take the time to read and follow all the links on bad debt so you get a better understanding of what you are doing. It will help you learn how to think your way through a bookkeeping entry.

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Jun 14, 2017
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by: Anonymous

I have had this aging A/R for a year and now the client wants to make payments. This is a good thing! The problem is, what is the best way and, how does one enter this type of transaction. I'm thinking to each invoice.
Jun 14, 2017
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by: Lake

I guess I really don't understand your question. If you have an accounts receivable on your account that is a year past due, why wouldn't you to your Customers / Receivables accounting module and just record a customer payment against the invoice?

Make this entry would clear and/or reduce the receivable.

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