What is an installment/payment write-off?

Use this "advanced" accounting functionality when for some reason the installment is not due or payable anymore.

A write off is a reduction in the recorded amount of a sale. Let's say you sold $10k in a course or other service. For some reason (which we'll get in-depth later), the client will not have to pay the full amount ($10k) anymore, therefore you can write-off an installment, formally writing-off the amount.

Why use the write-off, instead of just deleting an installment or changing the amount of the sale?

Audit capabilities. If your company is big enough, you may have internal and external audits. By using the "write-off" functionality of EducationLink will maintain the track record of everything that happened with the sale. If you just change the amount or delete installments it will mislead potential auditors, reports and also analysis of the accounting of your company.

write-off-installment

What is the difference between writing-off and cancelling an installment?

To learn more about cancelling installments, check our article What happens if I cancel an installment?.

When to write-off an installment vs cancelling?

You should write-off the installment when you plan not to receive the installment amount ($) anymore. For example, if the student cancel one term or section of their course. By writing-off it will subtract the installment amount from the sale total.