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.
