Dealing with Bad Debt

[rmtest]

I am looking for a way to mark bad Debt, and do a report for tax purposes.

Anybody have done this?

 

Thanks

[fws_hosting]

Hello,

 

Not certain I understand what you're asking?

 

Are you wanting to report someone to the government for not paying bills? I don't think you can do that?

 

If your just trying to mark an invoice not paid and know the clients not going to pay it, you can "Cancel" it.

 

As a self note, you can go to "Settings > Client Groups" and create a new group for people with past debts.

 

Colour it "RED" or something similar. This way it stands out.

 

Not certain if this is exactly what your looking for, but hope it helps.

[nhudson]

I think the best way to do this is to set all the invoices that are more than X days past due to the "Collections" status.

 

Then you can export the invoices that have a status of Collections from the reports menu.

 

I believe this is what you're trying to do, if not, if you could re-explain...

[rodeoXtreme]

@nhudson is correct, our CPA advised us of marking all xx days past due from "unpaid" to "collection" we give the client notice via a ticket that their account is critically past due and will be changing the status. We then send send it to our Collection Agency and our accountant as bad debt. We also close their account and market their ip into our do not... list.

[penny]

This is great information.  However,  I am now trying to run a report to capture the amount gone to bad debt or collections and can't seem to find a report that will give me that information.  Is that a report that can be created?

[ptmzr]

Any recommendations re very good global debt collectors, ideally they buy the debt outright for cash to get fast results?

Are there add-ons that would automate this process (similar to payment gateways)?