how to write off a loan that the company no longer has to pay.
The person decided to give this to our charity cause
I think this is something you’d need to ask your accountant unfortunately (I’m not one). That way you can be sure to have recorded it correctly.
However, if your accountant has advised how it should be recorded and you’re unsure of how to do this on QuickFile, we’re more than happy to help you get this part sorted.
Hi abuhudhayfah,
I would recommend that you debit it against the liability in your balance sheet and then credit it to sales (or where you other donations have been credited too.)
Should you have more questions let me know.
Kind regards,
Chris