Hi,
Does anyone have a form or template for use in processing bad debt write-offs? I am at a manufacturer selling to retailers, so write-offs will be on debts owed by companies, not individuals.
Thanks
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Posted 2 years ago #
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Do you mean a policy/procedure template or some sort of form summarizing the write off for accounting purposes?
Posted 2 years ago # -
I would expect you would want to create or customize your Procedure/Policy and appropriate internal forms based on your company practices.
Your form may have specific detail and approval/signatures by the appropriate staff and routing with supporting documentation.Rita
Posted 2 years ago # -
I believe David was looking for a template of a form, not policy, on which to base his own. A starting point, if you will.
Posted 2 years ago # -
I'm not sure this is what you are looking for...as we do not use such a form...
Customer Name ____________________________
ID # ________________
Address _____________________________________________________________
Total Balance Due ___________________________
Date of Last Purchase ________________________
Date of Last Payment _________________________
Comments ___________________________________________________________
___________________________________________________________
___________________________________________________________
Write-off Requested by ___________________________
Date: ______________
Approval Signatures:
Credit Manager ____________________________
Date ________________________________
Controller ________________________________
Date ________________________________
Sales Manager ____________________________
Date ________________________________
Posted 2 years ago # -
Write-Off request
Customer Name:_________________
Customer #_______________________
Division (from chart) _________________
Invoice #: ____________________Adjustment Amt: $____________ USD:
Balance Specifically Reserved For:
1Yes, $_______________Entry (balance sheet)
DR -1110 -99- 1220
CR –1110- 99-1200 (AR)Reason for Adjustment :______________________________________________________________________________
Requested by:
___________________________________Date:___________Approvals:
($0 - $2,000.00)
Approved by Credit/Collections Manager:
___________________________________Date:___________(>$2,000.00 - $10,000.00)
Approved by VP of Finance:
___________________________________Date:___________(> $10,000.00)
Approved by CFO and EVP Global Sales or SRVP International Operations or EVP Global Services
___________________________________Date:______________________________________________Date:___________
Cancel as a Customer? :
0Yes – Cancel no longer a customer
1No - do not cancel, customer in good standing
Entered by: ___________________________________ Date: ___________
Service ID: ___________________________________Posted 2 years ago # -
Good Form Mr Kenning. If I might suggest one thing... you may want to edit one category and offer a choice of reserved or unreserved if you have some of the problems I do. Sometimes there are unresolved "issues" from other depts they expect me to take a hit for later on as a bad debt. That would help you can track which items you had influence over vs those you had to take a hit on that weren't reserved for as collection issues.
Posted 2 years ago # -
Here is mine:
Date
Customer name
Address
Bill to number
AR balance
List of items [invoics, debits, credits and chargebacks] to be charged/written off
Division to be charged
Reason for the write off
Requestor name and signature
Initial approver signature and date
Additional approvals [as required based on authority to approve write offs]
Attachments:
* Account statement
* Copy of open items
* Copy of related correspondence
* Copy of credit report and/or customer financial statementsPosted 1 year ago #
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