Doubtful debt - cash now rec'd - please help with sage entries

Posted by jane PM | on Wed, 29/02/2012 - 12:01  1577  2 comments | report

Hi all - please help with the sage entries - having a mental block!!!!!!!!!!

 

TB for yr end Jan 11 included prov for d debt in sum of £250 & customer was included in the debtors list.

Customer duly paid up in October this year and I used the 'cust' button on the bank accounts to receive the money & clear the customers outstanding balance.

Now looking at my trial bal for this year end Jan 12 and need to clear the prov for d debt off as it has of course been paid.

Can someone confirm please that I should debit provision for d debts and credit ???????????????

Many thanks in anticipation!

Comments

Credit bad debts recovered in

stevenpearson | Wed, 29/02/2012 - 12:30 | Permalink

Credit bad debts recovered in the P&L, I assume you posted £250 as a bad debts expense last year

Fmaat's picture

Bad debts or Doubtful debts or Bad & doubtful debts

Fmaat | Wed, 29/02/2012 - 13:32 | Permalink

"customer was included in the debtors list". 

 It seems then; when the provision was made,doubtful debts debited and provision credited. 

Simply reverse that entry.

For payment received the double entry would be Dr Bank and Cr the debtor's account in the debtor's ledger; Otherwise customer remains included in the debtors list until cleared:)))

Hope it helps. Regards.

 

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