Observing a Master Negotiator at work … is an ‘Art Form’. But, did you realise YOU could EASILY become one yourself?
NEGOTIATION is an essential skill in our everyday interactions. We daily use it in all areas of our life without even realising it. Some people are naturally better negotiators than most. But negotiation is a skill that all of us can learn to master if we put an effort into it.
Becoming a master negotiator will help everyone generally in life, but especially in business.
The role of effective negotiation cannot be underestimated in the debt collection. Debt collecting requires you to become a master negotiator and master the skill of finding a win-win situation that would make your client happy to pay you, and to pay you as soon as possible. (more…)
When a bad debt could not be collected after trying all possible collection methods, than a record adjustment must be made to reflect the uncollected payment. This is known as a Bad Debt Write Off. A general journal entry must be made to reflect the uncollected sale.
The basic for the accounting procedure is the same; the actual procedure depends on the accounting system you are using. Here is a helpful video courtesy of Doris Cahill on how to write off bad debt using MYOB accounting system.