Confused about Write Offs Bookkeeping Question

by Sheena
(Drayton Valley)

Write Offs

Write Offs

We are a LDT company that is run out of our home and I'm not sure what we can write off on the business books. How do you know what kind of expenses can be run through the business books?


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Excess Inventory Write Off

Excess Inventory Write Off

Excess Inventory Write Off

Our school's annual fundraiser involves the purchase of glowlights for sale at the event.

Usually there is a small quantity of glowlights left over. Can these be written off as a loss and then subsequently sold off at reduced prices at school discos?

Funds are processed through the school's PTA.

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Write Off Client Job Expense

Write Off Client Job Expense

Write Off Client Job Expense

If a job was done for a client, but the client is not billed because the job was bad due to our fault, it would not be considered a Bad Debt because client does not owe anything, correct?

So, for tax purposes is it just an general expense? Is there a special way it should be written off?

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Write Off Refund and Over Payments

by Alice
(tennessee)

I have been asked to write off refund checks from a list of checks to be mailed prior to their being cashed.

There is no canceled check but a check number for a check to be sent. I am not confortable. Any resource info available.

At the same time, they want me to write of over payments and unpaid items in a batch to equal the same amount. Any resource info on this?

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Write Offs

We provide services and parts for customers. Sometimes we have to do re-work and use parts that we can't charge the customer for. Can we write off the labor and parts? If so, do we write off what we would charge the customer or only the the cost(excluding markup)of the parts used? Also, what account would this write off go to? Thank you!

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write-off Petty Cash

by Billy
(Augusta, GA)

When I took over bookkeeping, I signed off on $150 Petty Cash. However, there is $200 listed on the Balance Sheet for Petty Cash. Before I noticed this I found $124 in change, in a file drawer that I deposited into the Operating Account as Anonyous donation. $50 of that may have been Petty Cash.

How do I correct the $50?

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Writing Off Creditors

by Ray Regan
(Newmarket, England)

I have three creditors where the debt I owe has been dormant for more than 2 years. The creditors have written off the debt in their books - what entries do I need to clear the amount I owe in my books.,

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Writing Off Deposits

by Barb Drake
(Streetsboro, OH)

Writing Off Deposits

Writing Off Deposits

I have an "other current asset account" that was set up as "prepaid expense deposits".

There is a balance in this account of over 10K which dates back over 5 years that consists of deposits paid to vendors.

I know that there is no chance of getting our deposits back from these vendors so what would the journal entry be to write them off so that it decreases the balance in the current asset account?

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Writing Off Of Advance To Suppliers

by Rudra Sen
(Kolkata,West Bengal, India)

What would the correct entry of writing off of Advance to suppliers? In a re-known Company it was found that they started a practice of writing off of such advance through Provision for Bad Debt A/C.

Provision For Bad Debt A/c-- Dr.

To Advance to Supplier A/c


Is the process or accounting procedure is correct? If not
then please provide us the correct details of such, with reference to Accounting Standards.

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