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Write off form template

Write off form template 2025

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The document is a request form for writing off uncollectible accounts receivable, detailing the necessary procedures and requirements for departments to follow. It specifies that debts can only be written off if they are over one year old or if the customer has declared bankruptcy, and outlines the maximum percentage of receivables that can be written off in a fiscal year. Supporting documentation must accompany the request.

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Send bad debt write off approval letter format via email, link, or fax. You can also download it, export it or print it out.

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Click ‘Get Form’ to open the write off form template in the editor.
Begin by entering your Department Name in the designated field. This identifies which department is requesting the write-off.
Fill in your Contact Name and Phone Number to ensure that any follow-up questions can be directed appropriately.
Input the Account Number for the receivables you wish to write off. This is crucial for tracking and processing your request.
List all relevant invoices under 'Listing of Invoices', including Invoice Date, Customer's Name, and Amount owed. Ensure accuracy as this will support your request.
Calculate and enter the percentage of write-off based on total accounts receivable billed for the fiscal year, ensuring it does not exceed 10% without additional documentation.
Attach any supporting documentation such as invoice copies or collection agency statements using our platform’s upload feature.
Finally, secure necessary approvals by obtaining signatures from both the Department Head and FMO before submitting your completed form.

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Versions	Form popularity	Fillable & printable
2015	4.8 Satisfied (50 Votes)
2014	4.3 Satisfied (29 Votes)

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What is a write-off form?

A write-off is a business accounting expense reported to account for unreceived payments or losses. Three scenarios that require a business write-off include unpaid bank loans, unpaid receivables, and losses on stored inventory. A write-off reduces taxable income on the income statement.

How to do the direct write-off method?

Under the direct write off method, when a small business determines an invoice is uncollectible they can debit the Bad Debts Expense account and credit Accounts Receivable immediately. This eliminates the revenue recorded as well as the outstanding balance owed to the business in the books.

What is a write-off document?

A write-off is a reduction of the recognized value of something. In accounting, this is a recognition of the reduced or zero value of an asset. In income tax statements, this is a reduction of taxable income, as a recognition of certain expenses required to produce the income.

What is the direct write-off method of entry?

The direct write-off method is an accounting method to record uncollectible accounts receivables. As per this method, a bad debt expense is recognized and written off when an invoice is found to be uncollectible. This means that a company will record bad debt as an expense once they deem it to be uncollectible.

What is the direct write-off method of inventory?

The direct write-off method recognizes bad debts or inventory losses only when they are certain, or after the loss has occurred. This approach means a business will immediately remove the value of unsellable inventory from its books upon realizing the loss.

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What is an example of a write-off method?

Direct Write-off Accounting Example Assume a company has invoiced its customer for $10,000 but realizes it will not receive payment. It would credit Accounts Receivable and debit Bad Debt Expense in the amount of $10,000 to record this uncollectible debt in its books.