Century 21 - 1804 Message

[progoldi2]

Wakefield Homes for sale

we have not used the agent invoicing in a while and we have some outstanding balances that I would like to get rid of and start using the invoice system again. Is there an easy way to clear them all out. I need to get all of the agent back to a zero balance so that I can start using again.

[admin]

Watertown Homes for sale

The best way to get the invoices off the books is to write them off as an asset (i.e., Receiveable). This leaves an audit trail that shows what happened to the invoices.

The method for doing this is to create a Credit Memo for each customer you are writing off unpaid invoices for. You need to create the memo for the total amount you are going to write off for that particular customer. The G/L account you would normally use for this on the Credit Memo line item would be a Bad Debt expense account (write off expense account). Any expense will do for convenience.

Once you create the Credit memo for a customer, you use it as a payment mechanism to pay off the unpaid invoices which reduces them to zero and the write off is posted to the Bad Debt expense account.

Please use the link provided in this e-mail to access (Knowledge Base Article (KBA):

Article ID: 4173
Subject: Creating and Applying a Credit Memo to an Accounts Receivable (A/R) Invoice

The article contains the instructions for Creating and Applying a Credit Memo to A/R.