CA
910 Points
Joined January 2009
1.A reduction in an individual's or a company's income as the result of an expenses. For example, an unpayable credit sale may be a write-off for the creditor, especially if the debtor declares bankruptcy. The bankruptcy means that the debtor is unable to pay the debt, which results in a loss of income for the creditor.
2.To take an asset entirely off the books because it no longer has any value.If an accrualbasis taxpayer has taken money into income when bills were sent out to customers,but then some of the bills became uncollectible, the taxpayer may write off the uncollectible ones as a deduction against income. Financial institutions are required to write off loans when they become delinquent by a certain amount.
3.write-back
• in Finance the process of restoring to profit a provision for bad or doubtful debts previously made against profits and no longer required.