Write-off’s are necessary for a customer or supplier to clear the remaining balance of an open item. The reason for the write-off may be due to several reasons
- Small differences between the invoice and the payment amount.
- Uncollectible invoices what must be written-off to bad debt
- In cases of large transaction volume, some tolerances (both positive and negative) are agreed upon between the supplier and customer and it is more cost effective to write these off rather than audit and attempt to collect on them.
Within payment entry, write-offs can currently be processed. However, sometimes it is necessary to write these balances off after the payment has been processed and a determination is made for the underpayment. In addition, payment entry is not efficient for high volume customers.
Provide Write-off batch function to stream-line and automate this currently manual process.
Include Selection criteria, thresholds and security with maximum write-off amounts assigned to users.
Ability to specify where to direct the offset posting, for example if this is for an uncollectible balance, it would be posted to Bad Debt
Idea Origin: Sage Summit - C-0179 Influencing the Design session
by: Sally S. | over a year ago | Financials
Comments
This function is an absolute necessity as the vast majority of X3 users will have random small balances that they cannot get rid of.
I also believe that the majority of X3 users are unaware of this suggestion/voting system so suggestions should be circulated to all X3 users to vote & give opinions on.
W Salvona, Greencity Wholefoods