Write-offs Sample Clauses
The Write-Offs clause defines the conditions under which a party may forgive or remove certain amounts owed from their accounts, typically when those amounts are deemed uncollectible or insignificant. In practice, this clause allows a company to formally acknowledge that specific debts or receivables will not be recovered, often after reasonable collection efforts have failed or when the cost of pursuing payment outweighs the benefit. Its core function is to ensure accurate financial reporting and to prevent the administrative burden of tracking minor or irrecoverable debts.
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Write-offs. Total Write-Offs Write-Offs [*] Total Converted to Notes Converted to Notes [*]
Write-offs. Borrowers shall not permit (x) the aggregate amount of the Net Amount of Dining Credits written off in accordance with GAAP and Borrowers’ historical practice with respect to Dining Credits booked in 2007 to exceed fifteen percent (15%) of the aggregate amount of all Book Value of Dining Credits booked in calendar year 2007 or (y) the aggregate amount of the Net Amount of Dining Credits written off in accordance with GAAP and Borrower’s historical practice with respect to Dining Credits booked on or after January 1, 2008 to exceed twelve and one-half percent (12.5%) of the aggregate amount of all Book Value of Dining Credits booked within the period between January 1, 2008 and the date of calculation.
Write-offs. Obtain an understanding of the method used to write off uncollectible accounts (i.e.: write off to an accrued allowance account or write off directly to the bad debt expense). Review the appropriate general ledger account (e.g. bad debt allowance account) for conformity with the write offs reported on the Receivables Rollforward. Provide an explanation for any variances noted. Obtain from management the 5 largest write-offs in the 6-12 months ended Month#2. Obtain an explanation for each write-off and determine which aging bucket these receivable amounts were in at the time they were written-off. Be sure to include the date of the write-off in your analysis. Include this analysis as an exhibit to your report.
Write-offs. 13.1 Reasons for writing off debts
13.1.1 EK Services recognises that it is important to consider the balance between recovering arrears as effectively and efficiently as possible with the need to be fair and reasonable to the customer and council tax payers as a whole.
13.1.2 EK Services will ensure that all reasonable steps to recover arrears have been taken and that no further recovery action is practicable. We will concentrate our resources on collectable arrears.
13.1.3 It is EK Services aim to collect all taxes and outstanding charges from customers wherever possible, provided that it is cost effective. EK Services will only write off arrears where the arrears are non-recoverable, uneconomical to recover or we are unable to trace the customer (see 13.4.3)
13.1.4 Reasons for writing off arrears are as follows; Non recoverable arrears ● Customer/Company is insolvent i.e. Bankruptcy, Liquidation and Administrative Receivership cases. ● A Debt Relief Order is in existence – in which case EKS will have regard to the legal status of that Order. ● Customer has served a custodial sentence in respect of Council Tax or Business Rate arrears ● Customer deceased and there is no funds in the Estate ● For Council Tax and Business Rates, where all or part has been remitted by the Magistrates Courts ● For Housing Benefit Overpayments and Council Tax excess reductions, where the overpayment/excess reduction has arisen as a result of an official error and the customer could not reasonably have been expected to realise the overpayment was occurring. ● Arrears that cannot be legally enforced ● Housing Benefit Overpayments or Sundry Debts, where there is no realistic prospect of recovery, with all realistic recovery options exhausted. Further recovery is not cost effective. Uneconomical to pursue ● Council Tax and Business Rates – Balances below £5.00* ● Housing Benefit Overpayments – Balances below £50.00* ● Sundry Debts - Balances below £50.00* *Where no payment has been received within 6 months of sending the final demand for payment Unable to trace ● Customer has absconded ● Debt collection agency failed to trace ● Enforcement Agent failed to trace
Write-offs. A. Obtain an understanding of the method used to write-off uncollectible accounts (i.e. direct method or allowance method).
B. Obtain a list of the write-offs in the time periods subject to testing and present a reconciliation to the write-offs per the respective AR rollforwards and the general ledger.
C. Obtain a list of the 10 largest write offs in the 12 months prior to September 2008. The results of testing should be documented in a table which lists the following items: Customer name, invoice number, invoice amount, invoice date, date of write-off, average age of the receivables at the time of write-off and reason for write-off, if available. Also report compliance with the Servicer’s procedures, including proper authorization per the Company’s policy and procedures.
Write-offs. Sprint PCS will determine the amounts written off (the "WRITE-OFFS") in the Sprint PCS billing system during the Billed Month relating to Manager Accounts.
Write-offs. The Corporation is not currently considering any material write-offs or write-downs with respect to any of the Acquired Corporation’s assets following completion of the Arrangement.
Write-offs. ZiaSun shall not, and shall not permit any of its Subsidiaries to, and shall not propose to, revalue any of ZiaSun's assets, including without limitation writing down the value of inventory or writing off notes or accounts receivable other than in the ordinary course of business.
Write-offs. 10.1 DMBC Director of Finance and Corporate Services (Section 151 officer) delegates to SLHD Director of Corporate Services the authority to write off Former Tenants Arrears up to a value of £2,500 per individual case.
10.2 The level of these approved write offs will be reported to DMBC on a quarterly basis.
Write-offs. Ciena shall not revalue any of Ciena’s assets, including without limitation writing down the value of inventory or writing off notes or accounts receivable other than in the ordinary course of business.