Creditor balance write off

Accounting
1

Hello

I have a creditors balance on my balance sheet. How do I write this off if I have to? Or partially write this off ?

Thanks

2

Have you tried the credit note option on the relevant invoices?

3

No because the balance of this creditor was imported via a trial balance… so need to somehow write off the balance

4

Journal is a good option, for example, let’s say it is a creditor from purchases, you need to make a journal to have a reverse effect of the original transaction.
Dr Creditors control a/c
Cr purchases (net amount if vat is applicable, else gross value)
Cr Vat (if applicable)

5

It’s not purchases. The creditor balance is under ‘other creditors’ imported by way of a trail balance import

6

Again just take the reverse route of original entry

Dr Other creditors
Cr what ever got Dr in original entry

1 Like
8

As it is was first imported via a trial balance, can’t see how I can reverse it without it still appearing somehow on the balance sheet. The balance is accrued expenses which was input wrong originally by mistake, then imported to this new software…. I thought I could deal with it within this new platform instead of going back…

9

You just Cr. whatever the incorrectly accrued expenses was, eg if it was accrued telephone you just Dr. Other creditors Cr. Telephone. It doesn’t matter that it was imported via a trial balance.

10

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