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Level 1

How do I write-off outstanding vendor invoices where the vendor has gone out of business, I need to remove them from my accounts as they are never goin to be paid?

 
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Best answer June 23, 2020

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Level 15

How do I write-off outstanding vendor invoices where the vendor has gone out of business, I need to remove them from my accounts as they are never goin to be paid?

do a credit memo for the vendor, enter the total amount, and use other income as the account

 

when debt is forgiven, or in this case not available to be paid, it is your income.  There are some exceptions but they mostly deal with real estate, not normal business operations

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Level 15

How do I write-off outstanding vendor invoices where the vendor has gone out of business, I need to remove them from my accounts as they are never goin to be paid?

do a credit memo for the vendor, enter the total amount, and use other income as the account

 

when debt is forgiven, or in this case not available to be paid, it is your income.  There are some exceptions but they mostly deal with real estate, not normal business operations

View solution in original post

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