Can you explain the entries of a bad debt please.
I have a customer that I need to write off as he has gone into insolvency.
I am not sure how to do this. plus what do I do with the VAT?
I am not using cash account and the invoice is only a month old.
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Bad debt write off
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brucedenney
- Site Admin
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- Joined: 28 Feb 2006, 09:56
- Sage Version: v30 UK/Europe/Africa
Re: Bad debt write off
The rules for claiming relief on bad debts are on the HMCR website
http://customs.hmrc.gov.uk/channelsPort ... _CL_000274
This is more about tax law that Sage so if you do not feel you understand what the HMRC website says you should get a QUALIFIED (paid for) opinion not rely on unqualified opinions on an internet forum.
Form a Sage processing point of view you could enter a credit note to reverse the transaction (against bad debts rather than the sales account) and thereby reclaim the VAT
http://customs.hmrc.gov.uk/channelsPort ... _CL_000274
This is more about tax law that Sage so if you do not feel you understand what the HMRC website says you should get a QUALIFIED (paid for) opinion not rely on unqualified opinions on an internet forum.
Form a Sage processing point of view you could enter a credit note to reverse the transaction (against bad debts rather than the sales account) and thereby reclaim the VAT
For just about anything Sage :- Discount subscriptions, pay-as-you-go support, application integration, reports, layouts, linked excel spreadsheets, analysis or any other help making life with sage easier/less time consuming Contact me.
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brucedenney
- Site Admin
- Posts: 4664
- Joined: 28 Feb 2006, 09:56
- Sage Version: v30 UK/Europe/Africa
Re: Bad debt write off
Joseph and averysmith should be ignored
They are Americans talking about American rules which do not apply in the UK.
Or maybe they are spam? The bad English, suggests that averysmith is not educated let alone a lawyer.
<Edit>
I decided to delete them.
They are Americans talking about American rules which do not apply in the UK.
Or maybe they are spam? The bad English, suggests that averysmith is not educated let alone a lawyer.
<Edit>
I decided to delete them.
For just about anything Sage :- Discount subscriptions, pay-as-you-go support, application integration, reports, layouts, linked excel spreadsheets, analysis or any other help making life with sage easier/less time consuming Contact me.
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