Write off a Payable Amount

When a payment amount does not match by a small amount, companies typically write off the amount, as it is too small to pursue, or may be to their benefit. The maximum amount that can be written off is the Write Off Tolerance specified for the company district. See Create a District for a Company.

A positive write-off is possible if:

Payment Amount – Total Paid Amount < District Write Off Tolerance

A negative write-off is possible if:

Total Paid Amount – Payment Amount < District Write Off Tolerance

Security Note: You need the Allow the user to maintain payments security right in the Payments user group security rights group for this activity.

Activity Steps

1. Open the Installment Payment.
2. Ensure at least one invoice instalment is associated with the payment. See Record a Payment.
3. Update the Paid Amount of the invoice instalment if required.

   MineMarket recalculates the Available Amount.

   The Available Amount is the amount of credit available, calculated as the Payment Amount minus the total paid amount, payment charges and any write-off, in the default currency.

4. If the Available Amount is less than or equal to the Write Off Tolerance for the district, check Apply Write Off.

   MineMarket updates the Write Off Amount.

5. Click Save.

   If journal entries are created for the payment, the amount written off is entered into the write-off account, a special account in the chart of accounts.