Write off Small Amounts
Hi,
Over the last 3 years I have a total of 350 invoices that have been overpaid or underpaid by 1c or 2c. At the time I probably should have given a discount or adjusted the invoice to match the payment. Anyway, I did not and now stuck with a very long debtors list showing all these 1c and 2c owing.
Is there a way of getting rid of them now even after the financial years have been closed?
One of the main reasons why I want to do this is that I am analysing our debtor days but these 350 invoices are excluded as they are showing as open. I really want to get rid of the 1c and 2c using the date of the actual payment as this will show the correct "Days Till Paid".
Thanks
James
Hi JamesT
One way you could look at getting rid of those small amounts that aren’t going to be collected is outlined on our help article Accounting for bad debts. You will probably want to have a chat with your accountant over which account gets used as part of the transactions being written off
