Accounts receivable that will likely remain uncollectable and will be written off. Charge offs appear as an expense on the company's income statement, thus reducing net income. In general, companies make an estimate of charge off expenses that might be incurred in the current time period based on past records as part of the process of estimating earnings. Most companies make a charge off allowance since it is unlikely that all of their creditors will pay them in full. also called bad debt.
Related information about charge off:
- Charge-off - Wikipedia, the free encyclopedia
A charge-off or chargeoff is the declaration by a creditor (usually a credit card account) that an amount of debt is unlikely to be collected. This occurs when a ...
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A term describing an expense on a company's income statement. A charge-off will fall under one of the following categories: 1. A debt that is deemed ...
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Charge offs are unfairly lowering thousands of people's credit scores. Let Lexington Law help you remove charge offs from your credit report.
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Dec 16, 2002 ... You can't scrub your credit clean, but you can minimize the damage, says Steve Bucci, the Debt Adviser.
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Nov 23, 2011 ... Defining “charge off” ... What is a "charge off," and what does it mean? ... “Charge off” means that the credit grantor wrote your account off of ...
- Charge-off Guide
Banks are legally required to charge-off debt when it reaches a certain level of delinquency, which varies by the type of debt. For example, credit card debt must ...
- Charge-Off - Legal Dictionary - The Free Dictionary
Eliminate or write off. The term charge-off is used to describe the process of removing from the records of a company something that was once regarded as an ...