Record a Loss in QuickBooks Desktop

Record a Loss in QuickBooks Desktop- Product Value, Items, Purchase Order

Let’s start our article about the record a loss in QuickBooks Desktop products, items, and purchase orders. Well, the answer can be given in a few lines. Simply do the following:

  • Debit: The cost of goods sold with a loss,
  • Credit: The purchase account.

How to Record a Loss in QuickBooks Desktop

If you were unable to recover money from the goods sold then here is how you will record a loss or bad debt in your QuickBooks account.

  • Within your QuickBooks account, select the customer’s menu tab.
  • Now make a selection on the credit refunds.
  • From the Job drop-down button, choose the name of the customer who didn’t pay for the goods purchased.
  • Now in the details area, click on the item that was purchased but the money was not received.
  • For any warnings you receive, simply click OK.
  • Now enter the total amount of the loss in the amount field.
  • Enter the tax code in the tax column that was used in the sales receipt and click save.
  • On the next screen, click Apply the amount to an invoice.
  • Now, checkmark the invoice you just created, otherwise it will be selected by default.
  • Click Done.

You have successfully recorded a loss in QuickBooks. If you need any help and Consultant, contact QuickBooks consultant team experts 24/7.