Bad debt - Refund from reciever

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1

Hi
I had to add a bad debt due to a supplier going bankrupt - to my accounts a good few months ago. The receivers have now refunded a small amount of the outstanding bad debt to me, I am not sure how to add this money to Quickfile as its not a Sale.
I also need to include in VAT return which is an additional question which you may or may not be able to help me with.

Hope you can help
Cheers
Barbara

2

Hi @ideas4learning

Although it’s not a sale, it would still need to be entered as an invoice. This would allow you to record it as ‘income’, and account for the VAT too.

Recording this as ‘General Sales’ should be suffice, although you may wish to double check with your accountant to be sure (I’m not one).

3

Hi
Many thanks
Barbara

4

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