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Post Info TOPIC: Writing off bad debts (including accounting for the vat element)
kels74


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Writing off bad debts (including accounting for the vat element)
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Hi,

I would be so grateful if someone could help me with the journal entries for writing off a bad debt from a customer account and also accounting for VAT.

 

I believe its the following

Bad debt 8100 account DR

Vat Account DR

Customer account raise a credit with T1 tax code

 

Any help is very much appreiciated. Thank you.



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numbnumber


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In Sage 50 there is a write off wizard to do this which basically credits the customer in full and then you have to manually adjust for the VAT element in the VAT 100 report at the end of the month/quarter.

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Roz
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