Write Offs

Write Offs

  1. In this example, a policy was posted for £500.00 however the client only paid £480.00.
  2. The remaining £20.00 therefore needs to be written off.

To do this:
  1. Accounts

  1. Click ‘Sales’

  1. Click ‘Starburst’ to create a new ledger entry 

  1. When creating the new entry
  2. Select the ‘Client’
  3. Type will be ‘Credit’
  4. Input the ‘Date’ which will be in the current period
  5. Click the ‘=’ next the ‘Policy holder’
  6. Insert the ‘Policy number’ including the word ‘Write Off’
  7. Click ‘Add’ located in the bottom left
  8. Copy ‘Policy number’ info and paste into the ‘Description’ ledger line.
  9. Select the nominal ‘G*CT’
  10. Input the value of the write off

  1. Click ‘Save’ on the toolbar

  1. Once this has been created, go back to the ‘Accounts’ and click on the ‘Cashbook’

  1. Click on the ‘Starburst’
  2. Create a cashbook ‘Receipt’ for a zero amount.
  3. In this scenario the cashbook receipt looks like the below

  1. You then need to fully reconcile the ‘Credit’ with the outstanding ‘Sales Invoice’ amount ensuring when reconciling you pick the credit (or minus value) first.

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