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Most of our income comes from Insurance payments for repairs done. We have an invoice that the insurance company paid for most of the invoice, but paid part of the money directly to the customer & our customer is not going to pay us. I need to remove this item from that invoice, but it is in a prior reporting period, so the sales tax return for that period has already been completed. How should I handle this?
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You don't have to remove the item from the invoice, Judi.
We can write off unpaid invoices and declare them as bad debt. The first thing we need to do is to create an expense account where we'll track the bad debt.
Once done, we can record the bad debt.
You can pull up the Profit and Loss report to check the bad debt account.
Shoot me a reply if you need anything else. I'll be here to help.
You don't have to remove the item from the invoice, Judi.
We can write off unpaid invoices and declare them as bad debt. The first thing we need to do is to create an expense account where we'll track the bad debt.
Once done, we can record the bad debt.
You can pull up the Profit and Loss report to check the bad debt account.
Shoot me a reply if you need anything else. I'll be here to help.
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