Processing Bad Debts in Quickfile

[LMM]

Hello,

We have a few outstanding invoice that we have been chasing a client for payment n and we have now bee n advised they have gone into liquidation and they will not be paid. How do we process thee in quickfile as a bad debt? Currently they are still in Sales/Outstanding invoices? We do have VAT on them but as we are on Cash accounting for VAT I assume it is just ignored and we claim back the value of the invoice without VAT.

Thanks in advance for any assistance.

[QFSteve]

Hello @LMM

You may find this thread useful

How do I mark an overdue invoice as a bad debt?

How do we mark an invoice as unpaid and as a loss for the end of year accounts ? so we can reconcile for us basically it is easier, to write off the sum, rather than to continue to try and collect the unpaid amount. But we need it to be seen as a loss on the balance sheet.

[LMM]

Thanks Steve, I’ll see if we can amend the dates as it’s not six months yet.