Charge Off - Collectible vs Charge Off - Uncollectible
General. For many companies, there are two stages of a charge off. The first, charge off - collectible, is a situation in which there is some chance that no more payments will be made on a loan, but…
This article explains the concept of charge-offs. It also explains how to create and view charge-offs logged on loans.
Log a Recovery Payment
General. A recovery payment is specifically a payment you receive on a charged-off account. You should only charge off an account if it’s unlikely that some portion of what is owed on the account wil…