Full Version: Quickbooks Question (Bad Debt)
From: Stunt Engraver (DGL) [#1]
22 Nov 2005
To: ALL
I have a couple entries in my "Receivables" that are hopelessly irretrievable.
How do I remove them, in a way that QB will like?
I created a "Bad Debts" account, but QB won't let me place the (-$xxx.xx) amount there, through the "Receive Payments" option, which is the usual way of removing invoices from the receivables account.
I suppose I could just leave the amount in receivables, but it's a sore reminder, every time I'm doing my books.
EDITED: 22 Nov 2005 by DGL
From: Engravin' Dave (DATAKES) [#2]
22 Nov 2005
To: Stunt Engraver (DGL) [#1] 22 Nov 2005
This may help. If not, you can search for help on your version of Quickbooks.
http://exceed.quickbooks.co.uk/Support/FAQs/Suppliers/ACV202/view
From: Stunt Engraver (DGL) [#3]
22 Nov 2005
To: Engravin' Dave (DATAKES) [#2] 22 Nov 2005
Thanks David.
I just figured somebody on the forum has dealt with this before.
The link was very helpful. Thanks again.
EDITED: 22 Nov 2005 by DGL
From: LaZerDude (C_BURKE) [#4]
22 Nov 2005
To: Engravin' Dave (DATAKES) [#2] 22 Nov 2005
David,
I am continually amazed at the width and breadth of your knowledge. Do you have a life? :O ( insert laugh here).
You are one amazing guy.
From: Engravin' Dave (DATAKES) [#5]
22 Nov 2005
To: LaZerDude (C_BURKE) [#4] 22 Nov 2005
From: UncleSteve [#6]
22 Nov 2005
To: Stunt Engraver (DGL) [#1] 22 Nov 2005
From the Customers menu, choose Receive Payments .
In the Receive Payments window, select the name of the customer from whom you incurred the bad debt.
Leave the amount field at 0.00.
In the list of outstanding invoices or statement charges, click in the checkmark column in front of the line item that will not be paid. No checkmark will appear, but this item will be the one that appears on the Discount tab.
Click OK to dismiss the message about applying payments greater than the total payment.
In the Receive Payments window, click Discount & Credits. In the Discount and Credits window, enter the amount of the bad debt in the Amount of Discount field, and enter the name of your bad debt expense account in the Discount Account field.
Click Done in the Discount and Credits window.
The procedure described above does not affect your sales tax liability.
In the Receive Payments window, save the bad debt transaction.
If necessary, change your sales tax liability.
Hope this helps.....
From: Stunt Engraver (DGL) [#7]
22 Nov 2005
To: UncleSteve [#6] 22 Nov 2005
My version is a bit different than that, but I was able to find the proper fields and accounts, which removed the item from receivables and shows up as a bad debt expense in a P&L statement.
Thanks guys! Others have said, "Ya just gotta love this forum!"
I do too. :-)
From: UncleSteve [#8]
22 Nov 2005
To: Stunt Engraver (DGL) [#7] 22 Nov 2005
I upgrade about every other year and it is only about $99 after the upgrade rebate and Staples sale prices.....
I like the newer versions as they include the ability to email quotes and invoices directly from Quickbooks using your regular email account.
From: Stunt Engraver (DGL) [#9]
22 Nov 2005
To: UncleSteve [#8] 22 Nov 2005
Steve,
I'm using v4 for Mac.
Next year, it will only be 10 years old.
EDITED: 22 Nov 2005 by DGL
From: UncleSteve [#10]
22 Nov 2005
To: Stunt Engraver (DGL) [#9] 22 Nov 2005
From: Stunt Engraver (DGL) [#11]
22 Nov 2005
To: UncleSteve [#10] 23 Nov 2005
As a one-man-band, with no employees and no inventory to speak of, my accounting needs are so basic that version 4 is overkill. :-)
From: LaZerDude (C_BURKE) [#12]
22 Nov 2005
To: UncleSteve [#10] 23 Nov 2005
Steve,
He has mine too....but as much as I like and admire David L, I must question his sanity...... using a mac, with an OLD OS no less......... really we MUSt work on him don't you think? ( insert laugh here)
:D
From: UncleSteve [#13]
23 Nov 2005
To: LaZerDude (C_BURKE) [#12] 23 Nov 2005
I have found most "MACies" are hopeless when it comes to reasoning with them... They drank the KoolAid and just don't want to be confused with facts.
A cheap, PC will do the job and can be dedicated to Windows programs.... Don't need a full power gamer machine.
Let's just continue sending our sympathy until the spell wears off... ;-)
I have seen enough posts about old, unsupported software being used to run engravers and the problems when/if it crashes. My accountant won't even look at work that is done in Quickbooks over 2 versions old.
Then again, I am used to the big city where technology rules.... I bet David still milks his cows by hand!! :P
From: Stunt Engraver (DGL) [#14]
23 Nov 2005
To: UncleSteve [#13] 23 Nov 2005
Shouldn't I be destitute by now? :-)
If any of the equipment I use stops doing what I need done and ceases to generate a decent income, you'll be the first to know. :-)
From: Harvey only (HARVEY-ONLY) [#15]
23 Nov 2005
To: Stunt Engraver (DGL) [#14] 23 Nov 2005
I left the Arari ST world years ago and still miss it. It was a far better machine and faster than today's PC's. But there are times when you need to get with the rest of the industry.
Us old almost-hippies need to grow down to what is the norm now.
But please do not change your opinions on how a forum needs to be run.
From: Stunt Engraver (DGL) [#16]
23 Nov 2005
To: Harvey only (HARVEY-ONLY) [#15] 23 Nov 2005
Harvey,
Your point's well-taken, although I see a lot of viable ground between state-of-the-art and "outdated" equipment.
In some cases, equipment is "improved" merely as another step toward planned obsolescence; not necessarily a quantum leap in functionality.
State-of-the-art equipment is no guarantee of success. All-too-often, some people feel they shouldn't consider entering a process, unless they're "loaded for bear."
In many cases, what that group isn't loaded with, is creativity, business savvy and marketing skills.
EDITED: 23 Nov 2005 by DGL
From: Harvey only (HARVEY-ONLY) [#17]
23 Nov 2005
To: Stunt Engraver (DGL) [#16] 23 Nov 2005
Yep, said that all myself until I took the plunge.
(devil) (devil) (devil) (devil) (devil)
From: Stunt Engraver (DGL) [#18]
23 Nov 2005
To: Harvey only (HARVEY-ONLY) [#17] 23 Nov 2005
OK Harvey,
I'm going to take the plunge. Over the weekend I plan to upgrade my hard drive to 120 GB and upgrade my OS to 9.2
That should bring me solidly into the late 90's. :-)
EDITED: 23 Nov 2005 by DGL
From: Harvey only (HARVEY-ONLY) [#19]
23 Nov 2005
To: Stunt Engraver (DGL) [#18] 24 Nov 2005