Record a Loss in QuickBooks Desktop

Let’s start our article about the record a loss in QuickBooks Pro and Enterprise. 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.