Hello, I am new to the reports system on QuickFile.
I have marked around 6 invoices as bad debt, but they are not coming off the profit total or being shown in the expense area of the profit and loss sheet.
I have also marked some as credits for refunds etc and have noticed they do come off the profits. Please could someone clarify how I would indicate that some of the “profits” are actually bad debt?
Thanks in advance!
If they’re flagged as a bad debt using the built in bad debt option, the value is moved to nominal 8100 Bad Debt Write Off, which should show in the “Less Expenses” part of your P&L report.
The credits would create a credit note basically reversing the original invoice. This would either create a refund transaction or reduce the balance (depending on whether the original invoice was paid or not).
One thing to be sure of is the dates. The P&L report is only for a particular date range. It could be a case of adding the bad debt for the wrong date.
I hope this helps?
Hello @QFMathew ,
Thank you for your reply. However, the bad debt is definitely not showing in the P&L report and I have inputted dates from when we opened the business until now so it cannot be the date range that is a fault. I am using the P&L report in the project tags section does that make a difference?
Yes, that would make a difference.
Because of the way it works, the bad debt isn’t taken into account on a project tag basis. It should however be reflected in the overall profit and loss report.
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