The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> What do you call a "Write-off" on the Purchase Ledger ?
Post Info TOPIC: What do you call a "Write-off" on the Purchase Ledger ?
indigopete


Member

Status: Offline
Posts: 8
Date:
What do you call a "Write-off" on the Purchase Ledger ?
Permalink  

Hi All

I am a non-bookkeeper but do a lot of accounting work in the course of my main activities (IT development  and support).

I'm looking for a reasonable transaction title for recording a supplier settlement on the purchase ledger when the item remains unpaid. (i.e. the purchase ledger analogue of a "Write-Off" on the sales ledger).

So, for example, this may occur if the supplier has gone out of business during the credit period etc. i.e. any situation where a credit note is not appropriate.

Many thanks for any informed opninions on this scenario.

 

Regards

 

Peter



__________________
Elaine R


Senior Member

Status: Offline
Posts: 359
Date:
Permalink  

Hi Peter,

Do you mean the opposite of a bad debt write off?

I have just written off a debt on purchase ledger as the supplier has gone out of business so we haven't paid them.

We called it a "good debt" write off. I posted a credit document for the same amount to clear it off the ledger.

Hope that is what you were looking for.

Elaine

__________________
E Roscoe
indigopete


Member

Status: Offline
Posts: 8
Date:
Permalink  

Hi Elaine

 

Thanks for the reply and sorry it took me so long to read it (I gave up after a few days of no replies).

Do you mean the opposite of a bad debt write off?

Yes - exactly.

We called it a "good debt" write off

That's interesting. I've called them "expense settlements" up till now for want of a better term.

Many thanks for the input !

Peter



__________________
Elaine R


Senior Member

Status: Offline
Posts: 359
Date:
Permalink  

No problem Peter. Glad I could help.

Elaine

__________________
E Roscoe
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> What do you call a "Write-off" on the Purchase Ledger ?
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About