What is an invoice write off?
An invoice write off is a way to deal with bad debts and invoices that become uncollectible. When you write off an invoice, a credit note will be applied to reverse the invoice and the VAT.
How do I write off an invoice in Wafeq?
To write off an invoice*:
- Create a credit note
- In the credit note line description, enter "Write off".
- In the credit note line account, specify the account of the write off, for exammple
- In the credi tnote line, choose the same tax rate as the original invoice in order to reverse your tax liability.
- Save the credit note
- Go to the invoice you want to write off, then click
Apply credit note
- Apply the full amount of the credit note you created to the invoice.