Unpaid Invoice

ABCABC Member Posts: 2

All is well and good as long as customers pay their outstanding invoice. But what if after months and months, I need to write off an invoice as the customer will never pay? How do I close the pending payment and reflect the outstanding amount as a loss?

Comments

  • ChelseaKChelseaK Member Posts: 261 ✭✭

    @ABC Ah, those pesky unpaid invoices. :/

    Not to worry, you can write those off as bad debt to, like you say, write-off the outstanding amount as a loss. Essentially, this involves heading to your Chart of Accounts and creating an 'Undeposited Funds' account. Then, once you mark the invoice as paid, you can add an expense which you can put into your Undeposited Funds Account. This way, the expense will offset the income and the invoice will written off. All details about writing off invoices can be found in this handy Help Center article: https://support.waveapps.com/hc/en-us/articles/115000031243-How-to-write-off-an-invoice

  • ABCABC Member Posts: 2

    Awesome admin, thanks for getting back to me and taking the time. This is really helpful. Thanks, xoxo ;-)

  • maxammedmaxammed Member Posts: 1

    Thank you, I found the answer by log-out and log-in.

    edited January 26, 2020
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