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DuncanCLB
Nov 3, 2008, 06:03 PM
I was told by my B.O.D. to write off $20,000 in uncollectible accounts. We have never done this before so I need some help to make sure I am recording it correctly. Would I credit the members account and debit allowance for uncollectible debts and then credit that account and debit Bad Debt Expense? Also if down the line the member was to pay on their account how would I reinstate the debt?
Thank you for your help!