QB Issue Resolution:
Check with a tax accountant to be sure, but
debt that is forgiven, with some rare exceptions, is income.
debit the liability, credit other income
I am not sure, thus the check with a tax accountant, but since you just bought the company that write off could be treated another way, or ignored in the start up balances. If the company is taxed as a corporation, then that can not happen, in a corporation that is income.
Resolution for Issue 'Write off settled credit card debt.' available: Yes (Solved).
Source: Intuit Community forum.
Write off settled credit card debt.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for corporation
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