Hi need assistance with clearing a balance, we in 2016 processed a PO, this was to be paid in 2 installments.
50% was to be paid on completion of the first step and 50% on the 2nd stage of the project.
so as a payment was made for the first step and allocated to the invoice which was converted from the original po.
However the 2nd stage of the project was cancelled and never cleared and therefore we need to clear this in the system how do we do this
Am I right in thinking that you have 50% of the invoice from 2016 left outstanding and it is this balance that you wish to clear down?
You could write it off as ‘Bad Debt’. When you look at the invoice go to More Options > Mark as Bad Debt
I would suggest asking your accountant the best way to account for this though as you could always create a dummy credit note but this may have VAT implications.
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