Write Off

Use this form to reduce the current book value of an asset to zero. A revaluation transaction reduces the asset to a value of less than zero.

Note: Write-off transactions only apply to accounting balances. They do not affect tax balances. To adjust both tax and accounting balances, use the Disposals form with a Selling Price of 0 and a Percent of 100.

Options Reference

Each option and field on the form is described below. Mandatory options and fields are highlighted in red.

Reference

Enter a unique reference, up to 20 characters, to represent the write-off transaction.

Date

This is the transaction document date. It defaults to today's date but you can change it.

Current Period End

This is provided for information only and does not necessarily reflect the period that this transaction is being posted to.

Asset

Select the asset being written off.

You can enter a code or subcode using a forward slash (/) as a separator. You can also use the asset description to select the asset.

Quantity

Greentree defaults the asset's current quantity to this field in read-only format.

Current Book Value

Greentree defaults the asset's current book value to this field in read-only format.

Notes

This is for reference only. You can enter any notes pertaining to the write-off.

Narration

This is for reference only. You can enter a narration to add more detail about the write-off.

Balances

This field is populated when you select an asset. It shows key balances and dates for the asset.

When entering transactions, the balances is the closing balances (including futures) regardless of the transaction date entered. The date of the last transaction is also displayed. If recalling an existing transaction the balances displays as they were at the date of the transaction to show the balances that the transaction was calculated against.

Click the Save icon or press F2 to save and create the write-off transaction.

You can view write-off transactions for each asset on the Transactions tab on the Asset Maintenance form. You can view the original transaction by accessing this form and selecting the transaction reference.

You can delete a transaction as long as the period the transaction was entered in is still the current period, otherwise the transaction is read-only and cannot be changed.