RE: [legalxml-sc] Bad debts

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Subject: RE: [legalxml-sc] Bad debts

From: "John M. Greacen" <>

To: "'Scott McGrath'" <>,"'Cathie Mayo'" <>

Date: Tue, 9 Aug 2005 13:00:02 -0600

Thanks, Scott.  The explanation helps.

From: Scott McGrath
[mailto:]

Sent: Tuesday, August 09, 2005
8:20 AM

To: ;
'Cathie Mayo'

Cc: 

Subject: RE: [legalxml-sc] Bad
debts

John,

 

Bad debt write-offs are done when we
realize an invoice is not going to be paid.  As you know, we recognize the
revenue when an invoice is issued, and then recognize the monthly income each
month.  When an invoice is cancelled, we have to reverse back the income
recognized.  

 

Both Tiga Technologies and Panacea were
contributing financially to LegalXML, and therefore you were impacted when we
cancelled their invoice and we reversed the revenue and income.  If you
have contacts at these organizations that lead you to believe that the invoices
will be paid, do let us know.  We did not get any response to our
collection activities.

 

Hope this helps,

 

Scott…