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Write-off Wizard

​​​​​​The Write-off Wizard, launched from an Invoice record, is for when an Invoice for expected revenue has been created and the goods/services (Invoice Products) have been delivered, but the Invoice has not been paid or is partially paid. The CRM user wants to write-off the remaining balance so that they are no longer expecting payment and all processes that would trigger upon completing the Invoice will be triggered. The written-off Invoice balance amount will go to a Bad Debt GL Account.​

Open the invoice you want to run the Write-off Wizard for and select the wizard in the More Options button.

Select Quick or Manual

Select Quick or Manual

If you select Quick you will get a summary page and the option to Submit.

If you select Quick you will get a summary page and the option to Submit.

If the information is incorrect click Back to select a Manual write-off. If the information is correct click submit to complete the wizard and the following actions will occur.

Debit Default Bad Debt GL Account (GL Account where Default Bad Debt Account = Yes) for Invoice Balance amount

Credit Default Bad Debt Allowance GL Account (GL Account where Default Bad Debt Allowance Account = Yes) for Invoice Balance amount

Update Invoice

  1. Invoice Write-off Amount
  2. Invoice Balance = 0
  3. Invoice Status Reason = Complete

If you select Manual select the Bad Debt GL Account and Bad Debt Allowance Gl Account.

If you select Manual select the Bad Debt GL Account and Bad Debt Allowance Gl Account.

If you only have the default GL accounts set then this will not show different results from the quick write-off option. However, if you do have additional GL accounts set you will be able to select the correct one here. Filter only displays GL Accounts where Account Type = "Bad Debt" or "Bad Debt Allowance".

 

You will get a summary page with the option to submit.

You will get a summary page with the option to submit.

The following actions will occur in your system.

Debit Bad Debt GL Account selected by user for Invoice Balance amount

Credit Bad Debt Allowance GL Account select by user for Invoice Balance amount

Update Invoice

  1. Invoice Write-off Amount
  2. Invoice Balance = 0
  3. Invoice Status Reason = Complete