write-off
1 of 1noun/raɪt-ɑf/
Forms:write-offs
1
the act of canceling a debt or financial obligation, often due to it being deemed uncollectible or not worth pursuing
- They applied the write-off to their financial records, reducing their reported losses.
- A write-off was necessary because the customer’s bankruptcy made repayment impossible.
- It was a significant write-off, but the business had no choice but to move on.
- The accountant recommended the bad debt be treated as a write-off for tax purposes.
- The company wrote off several old accounts receivable as write-offs at the end of the fiscal year.
2
(accounting) reduction in the book value of an asset
Synonyms:
3
a period of time in which one fails to accomplish anything