How Does Writing-Off Bad Debts Works
Bad debts are often considered toxic debts since they can no longer be collected. That is why the Generally Accepted Accounting Principles (GAAP) require lending companies to hold a reserve to treat these expected future bad loans.
How Does Writing-Off Bad Debts Works
Bad debts are often considered toxic debts since they can no longer be collected. That is why the Generally Accepted Accounting Principles (GAAP) require lending companies to hold a reserve to treat these expected future bad loans.
How to Write-Off Bad Debts
A debt write-off procedure can be done in two ways: Direct write-off method and Provision method. The two methods have different approaches which will be further discussed in this article.
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