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Bad Debt

edited Feb 8, 2010 8:39PM in Accounting / ERP 12 comments

Hi
We have some Bad Debt to record in Netsuite and I am concerned about the VAT (sales Tax in the UK).

I have decide to use a journal entry to credit the Accounts Receivable and Debit the Bad Debt Expense account.

IE Invoice of £100 + VAT (£117.50) in AR
Using Journal Entry
Credit £117.50 to the AR and Debit £117.50 to the Bad Debt Expense account.

If I do it this way will the VAT be calculated correctly?

I suspect I may have to split the Debit into 2 parts, £100 to the Bad Debt Expense Account and £17.50 to the VAT Account?

Can anyone help with this?

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