How to Write Off a Credit Balance
22 steps
42 seconds
1
Navigate to Brokerage Engine.
2
Click the "Accounting" tab to navigate to the module.
Review the Customer Balance
3
Click the "Sales" tab.
4
Click the "Customers" option.
5
Use the "Search Customer" field to locate the Customer profile for the Agent.
6
Click on the hyperlink with the name.
7
The Customer profile shows a credit balance of "$637.50".
Create Adjusting Journal Entry
8
Click the "Quick Actions" menu.
9
Click the "New Journal Entry" option.
10
The "Journal No" should indicate that this is an adjusting journal entry.
11
From the dropdown menu, select the Accounts Receivable tied to the invoices.
12
On the Debit column, type the amount of the credit balance to write off.
13
Add a Description to the field.
14
Using the dropdown, select the Customer profile for the Agent.
15
Select a Class using the dropdown.
16
From the dropdown, select an "Other Income" Account.
17
On the Credit column, type the Amount to write off.
18
Select a Class using the dropdown.
19
Click "Save"
20
Click "OK"
Review the Customer Profile
21
The Customer Detail profile will show a decreased balance.
22
The Transactions tab will display the Adjusting Journal Entry.
How to Write Off a Credit Balance
22 steps
42 seconds
1
Navigate to Brokerage Engine.
2
Click the "Accounting" tab to navigate to the module.
Review the Customer Balance
3
Click the "Sales" tab.
4
Click the "Customers" option.
5
Use the "Search Customer" field to locate the Customer profile for the Agent.
6
Click on the hyperlink with the name.
7
The Customer profile shows a credit balance of "$637.50".
Create Adjusting Journal Entry
8
Click the "Quick Actions" menu.
9
Click the "New Journal Entry" option.
10
The "Journal No" should indicate that this is an adjusting journal entry.
11
From the dropdown menu, select the Accounts Receivable tied to the invoices.
12
On the Debit column, type the amount of the credit balance to write off.
13
Add a Description to the field.
14
Using the dropdown, select the Customer profile for the Agent.
15
Select a Class using the dropdown.
16
From the dropdown, select an "Other Income" Account.
17
On the Credit column, type the Amount to write off.
18
Select a Class using the dropdown.
19
Click "Save"
20
Click "OK"
Review the Customer Profile
21
The Customer Detail profile will show a decreased balance.
22
The Transactions tab will display the Adjusting Journal Entry.
