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Post Info TOPIC: What do you call a "Write-off" on the Purchase Ledger ?
indigopete


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What do you call a "Write-off" on the Purchase Ledger ?
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Hi All

I am a non-bookkeeper but do a lot of accounting work in the course of my main activities (IT development  and support).

I'm looking for a reasonable transaction title for recording a supplier settlement on the purchase ledger when the item remains unpaid. (i.e. the purchase ledger analogue of a "Write-Off" on the sales ledger).

So, for example, this may occur if the supplier has gone out of business during the credit period etc. i.e. any situation where a credit note is not appropriate.

Many thanks for any informed opninions on this scenario.

 

Regards

 

Peter



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Elaine R


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Hi Peter,

Do you mean the opposite of a bad debt write off?

I have just written off a debt on purchase ledger as the supplier has gone out of business so we haven't paid them.

We called it a "good debt" write off. I posted a credit document for the same amount to clear it off the ledger.

Hope that is what you were looking for.

Elaine

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E Roscoe
indigopete


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Hi Elaine

 

Thanks for the reply and sorry it took me so long to read it (I gave up after a few days of no replies).

Do you mean the opposite of a bad debt write off?

Yes - exactly.

We called it a "good debt" write off

That's interesting. I've called them "expense settlements" up till now for want of a better term.

Many thanks for the input !

Peter



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Elaine R


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No problem Peter. Glad I could help.

Elaine

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E Roscoe
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