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What is the best way to close "gift" invoice, which is not supposed to receive payment.

  • 12 January 2021
  • 2 replies
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Hello,

    In last Christmas and new year, we’ve sent some gift to our customers. So they don’t have to pay them. These invoices are with amount/balance on them.
    I know, I can write off the invoices, or I can create a credit memo to offset it.
     But from Accounting Angle,  what’s the best way to do it?
    The people from my company said they wish these numbers can also be counted into Cost of Good Sold.

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Best answer by vkumar 12 January 2021, 11:46

Hi @ray20 

Creating an expense account for Gift invoice and associate the same on write off entry type. Writing off the amount may be more convenient in this case, though creating a credit memo works well too. Since customer is not returning anything here, you may use write off.

Hope this helps,

Regards,

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Userlevel 4
Badge +4

Hi @ray20 

Creating an expense account for Gift invoice and associate the same on write off entry type. Writing off the amount may be more convenient in this case, though creating a credit memo works well too. Since customer is not returning anything here, you may use write off.

Hope this helps,

Regards,

Userlevel 4
Badge

Hi @ray20 

Creating an expense account for Gift invoice and associate the same on write off entry type. Writing off the amount may be more convenient in this case, though creating a credit memo works well too. Since customer is not returning anything here, you may use write off.

Hope this hels,

Regards,

Thanks, @vkumar 
The people from my company are also preferring to go with write off. thank you.

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