Summary
This document describes the best way to write off an account in EngageIP.
Write-offs are an accounting strategy that allows for the reduction in value of an asset or as a means of removing bad debt from the financial records of the business. The use of a write-off is a task that can help a company maintain a more accurate inventory of the worth of current assets. This includes the amount of funds currently residing in the Accounts Receivable section of the financial records.
Write Off Process
Ensure there is a service setup called 'Write off'
If GL codes are in use, apply the correct GL codes to this service
Ensure that there is a Account Status Type (on setup tab) appropriately named, such as 'Canceled - Write Off'
Add a credit or transaction (charge) using the 'Write Off' service with a dollar value that will bring the account balance to zero
Finally, change the account status to 'Canceled - Write Off' (or whatever status you have designated for that)
Select the disable option of 'Immediately with NO transaction'
Click Save
Reports now can be filtered to include or exclude accounts with this status. Also, now that the balance is zero on the account, it will not affect totals going forward for debts uncollected on this user account.