what is the best practice for doing invoice write offs where we no longer think the invoice is collectible

AI generated answer (using internal Slack threads):

****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ****** The best practice for writing off invoices that are no longer collectible in NetSuite involves a few steps: 1. Create a Credit Memo: This is the first step in writing off an invoice. A credit memo is used to reduce the amount that a customer owes. If the period isn't closed, you could delete the invoices, but if it is closed then a credit memo is a good option. 2. Apply the Credit Memo to the Invoice: After creating the credit memo, you need to apply it to the invoice that you want to write off. This will reduce the balance of the invoice by the amount of the credit memo. 3. Create a Journal Entry: If you are out of the period of the original transaction, you might need to create a journal entry to write off the remaining balance of the invoice. This will help to ensure that your accounting records accurately reflect the write-off. For the scenario where an invoice was issued erroneously and needs to be reversed (no bad debt), you can use a credit memo to reverse the invoice. However, the specific steps might vary depending on at what stage you create revenue plans for the Sales Order (Fulfilment, invoice, or revenue arrangement). Remember, it's important to consult with your accounting team or a NetSuite professional to ensure that these steps are appropriate for your specific situation.