Write-off
A write-off is an accounting action that reduces the carrying value of an asset. It is often used when an amount is deemed uncollectible or no longer recoverable.
Common examples include bad debt write-offs in accounts receivable and obsolete inventory. Write-offs reduce income and asset values on financial statements. A write-off may follow an impairment assessment.
Related Terms
Accounts Receivable
Accounts receivable is money owed to a business by its customers for goods or services delivered on ...
Impairment
Impairment is a reduction in the value of an asset when its carrying amount exceeds its recoverable ...
Balance Sheet
A balance sheet is a financial statement that reports a company's assets, liabilities, and sharehold...
Income Statement
An income statement is a financial statement that summarizes revenue, expenses, and profit over a sp...
Need to convert bank statements to spreadsheet format? Try our bank pdf to CSV converter to easily export your transaction data to Excel or CSV.
The best offline currency converter.
Built for travelers.