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Sage 100 How to Write Off Bad Debt in Accounts Receivable Video Lecture | A detailed Guide to SAGE 100 - Data & Analytics
FAQs on Sage 100 How to Write Off Bad Debt in Accounts Receivable Video Lecture - A detailed Guide to SAGE 100 - Data & Analytics
| 1. How do I write off bad debt in Sage 100's Accounts Receivable? |  |
Ans. To write off bad debt in Sage 100's Accounts Receivable, follow these steps:
1. Go to the Accounts Receivable module and open the Customer Maintenance option.
2. Select the customer for whom you want to write off bad debt.
3. Click on the "Invoice History" button and select the invoice(s) you want to write off.
4. Click on the "Credits/Returns" button and choose the "Bad Debt Write-off" option.
5. Enter the amount to write off and save the changes. Sage 100 will automatically create a credit memo for the bad debt amount.
| 2. Can I recover a bad debt that I have previously written off in Sage 100? | |
Ans. Yes, you can recover a bad debt that you have written off in Sage 100. To do so, follow these steps:
1. Go to the Accounts Receivable module and open the Customer Maintenance option.
2. Select the customer for whom you want to recover the bad debt.
3. Click on the "Invoice History" button and select the original invoice(s) that was written off.
4. Click on the "Credits/Returns" button and choose the "Apply Existing Credit Memo" option.
5. Select the credit memo for the bad debt and apply it to the outstanding invoice(s).
6. Save the changes, and the recovered amount will be reflected in the customer's account.
| 3. Can I write off bad debt for multiple customers at once in Sage 100's Accounts Receivable? | |
Ans. No, Sage 100's Accounts Receivable does not have a feature to write off bad debt for multiple customers at once. You will need to write off bad debt for each customer individually by following the steps mentioned earlier.
| 4. How does writing off bad debt in Sage 100 affect my financial statements? | |
Ans. Writing off bad debt in Sage 100 affects your financial statements in the following ways:
- It reduces your accounts receivable balance, as the bad debt amount is no longer considered collectible.
- It decreases your net income, as the bad debt is recognized as an expense.
- It reduces your assets, as accounts receivable is an asset account.
- It may lower your taxable income, as bad debt expense is deductible for tax purposes.
| 5. Can I customize the bad debt write-off process in Sage 100's Accounts Receivable? | |
Ans. Yes, you can customize the bad debt write-off process in Sage 100's Accounts Receivable by setting up custom GL accounts and adjusting the default bad debt expense account. This allows you to track bad debt in specific accounts for reporting purposes and tailor the write-off process to match your company's needs. Consult your Sage 100 administrator or accounting professional for assistance in customizing the bad debt write-off process.
Text Transcript from Video
hi my name is Connie and I'm from a QT
resistance in this tutorial I'm going to
teach you how to write off bad debt in
accounts receivable module today we'll
be covering the following topics how to
write off bad debt and verifying the
write-off made in customer maintenance
let's go ahead and take a look
to record a write-off of bad debt you'll
go in accounts receivable module then in
main folder cash receipts entry module
click on next patch number and say
accept and the cash receipts deposit
window you will click the next deposit
number you can give a description like
right off and leave the cash deposit
amount and the credit card deposit
amount as 0 click on accept we will look
up for the customer for whom we are
making this entry for so let's assume
that we are recording this entry for
Polycom industries in the cheque number
field mention it as write off and leave
the amount received field in the headers
tab as 0 let's go ahead and line this
tab in the lines tab we will have to
select the invoice and enter the amount
to write-off so let's go ahead and look
up for the invoice suppose this is the
invoice that we are recording it for
click on ok and we will enter the amount
to write off at the amount posted field
so let's assume it's complete invoice
amount of $20 for the next line to not
enter an invoice number instead select
the GL account as the line type which is
in the secondary grid and pick up the GL
account which is AB added account to
debit
suppose this is the account that we want
to debit it to so select this you can
see the right of amount as a negative
number at the amount posted field for
that GL account let's go ahead and
accept this entry to post this we will
go ahead and click on this printer icon
on the bottom right hand side select the
batch to print and click on proceed and
let's go ahead and preview the cash
receipts journal so this is the report
that is generated where you can see the
amount that is getting written off the
company that we are making this entry
for let's go ahead and close this you
can see another report where the debits
and the credits are shown and the
accounts that these amounts get posted
to say yes to update the cash receipts
journal in order to verify the recording
for a write-off of this bad debt we will
go back in main and customer maintenance
let's look up for the customer for whom
we made an entry for and we will go in
the transactions tab you can see that an
entry is made where the amount is shown
as negative and the check number is
written as write-off as well as the
invoice number for whom we made this
entry for this is how you record a
write-off of bad debt for any customer
for an invoice if you have any questions
or suggestions then leave the comment
below or contact us for more information
thank you for watching
resistance in this tutorial I'm going to
teach you how to write off bad debt in
accounts receivable module today we'll
be covering the following topics how to
write off bad debt and verifying the
write-off made in customer maintenance
let's go ahead and take a look
to record a write-off of bad debt you'll
go in accounts receivable module then in
main folder cash receipts entry module
click on next patch number and say
accept and the cash receipts deposit
window you will click the next deposit
number you can give a description like
right off and leave the cash deposit
amount and the credit card deposit
amount as 0 click on accept we will look
up for the customer for whom we are
making this entry for so let's assume
that we are recording this entry for
Polycom industries in the cheque number
field mention it as write off and leave
the amount received field in the headers
tab as 0 let's go ahead and line this
tab in the lines tab we will have to
select the invoice and enter the amount
to write-off so let's go ahead and look
up for the invoice suppose this is the
invoice that we are recording it for
click on ok and we will enter the amount
to write off at the amount posted field
so let's assume it's complete invoice
amount of $20 for the next line to not
enter an invoice number instead select
the GL account as the line type which is
in the secondary grid and pick up the GL
account which is AB added account to
debit
suppose this is the account that we want
to debit it to so select this you can
see the right of amount as a negative
number at the amount posted field for
that GL account let's go ahead and
accept this entry to post this we will
go ahead and click on this printer icon
on the bottom right hand side select the
batch to print and click on proceed and
let's go ahead and preview the cash
receipts journal so this is the report
that is generated where you can see the
amount that is getting written off the
company that we are making this entry
for let's go ahead and close this you
can see another report where the debits
and the credits are shown and the
accounts that these amounts get posted
to say yes to update the cash receipts
journal in order to verify the recording
for a write-off of this bad debt we will
go back in main and customer maintenance
let's look up for the customer for whom
we made an entry for and we will go in
the transactions tab you can see that an
entry is made where the amount is shown
as negative and the check number is
written as write-off as well as the
invoice number for whom we made this
entry for this is how you record a
write-off of bad debt for any customer
for an invoice if you have any questions
or suggestions then leave the comment
below or contact us for more information
thank you for watching
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Dec 23, 2024 Last updated |
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