Write off Loan made to another company

We made a loan to another company which has now ceased trading, and it’s extremely unlikley that we will ever receive repayment (were a long way down the pecking order for creditors and there are almost no assets left in the company).

The loan was recorded in Quickfile as a Loan Account, how do we go about writing this off?

I think you may need to consult with your accountant on this, especially if the loan is a non-trivial amount. I suspect there isn’t a one size fits all approach to this and it may well depend on other factors.

I will however leave this thread open for others to comment.

You may also want to post this question on somewhere like AccountingWeb.