How to Record a Loss in QuickBooks pro and enterprise 2015 to 2017

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Well, the answer can be given in 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

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.

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