Definition, Meaning & Synonyms
write-off
Noun
/ˈraɪt ɔf/
Definition
A write-off is an accounting term used to indicate that an asset’s value has been reduced or eliminated.
Examples
- The company had to declare a write-off for the bad debts from unpaid invoices.
- After reviewing the inventory, the manager decided to take a write-off for the unsold stock.
Meaning
In financial terms, a write-off means acknowledging that a debt is unlikely to be collected, or a business expense cannot be recovered.
Synonyms
- Cancellation
- Deduction
- Loss
