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First of all a word of warning. I am not sure where you are located, but most states in the US have what are called Escheat Laws that technically say you can't write off customer over payments without some real reason to do so and after so long if the customer does not use it then you need to remit it to the state. You can Google Escheat or Escheatment Laws for your state to learn about the requirement.
With that said, people often do write of balance for many legitimate reasons. I would have a non-inventory item set up that goes to the correct income account you want it to go to. For example, misc income or something like that. Invoice the customer for that item setting the amount to the amount of the credit you want to write off. Go to receive payment from customer, select that invoice you just set up and then apply the credit to net the two against each other.
Hope that helps.
First of all a word of warning. I am not sure where you are located, but most states in the US have what are called Escheat Laws that technically say you can't write off customer over payments without some real reason to do so and after so long if the customer does not use it then you need to remit it to the state. You can Google Escheat or Escheatment Laws for your state to learn about the requirement.
With that said, people often do write of balance for many legitimate reasons. I would have a non-inventory item set up that goes to the correct income account you want it to go to. For example, misc income or something like that. Invoice the customer for that item setting the amount to the amount of the credit you want to write off. Go to receive payment from customer, select that invoice you just set up and then apply the credit to net the two against each other.
Hope that helps.
In my case I finally figured out why I have credits for customers who I know never ended up paying us in the first place! When I would be crediting an invoice because I knew the customer was never going to pay us the rest (after paying the diagnostic fee) I would credit the total amount not realizing they'd already paid the prior fee on that invoice (for the diag portion) this would ultimately leave a negative balance as a credit for that name! Ugh...but that's a real thing...for us.
Hi There,
a question, if I do a journal entry. Debit to a/r to apply all open credits, what would be my offset account?
can I use inventory adjustment? or put in discount allowance, the only thing is that this will affect my profit & loss.
thank for the help in advance
P.g
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