ABSTRACT
BACS Abbreviation for bankers automated clearing system. BACS provides an automated clearing house service in the UK.
bad debt A debt which it is known, assumed or expected will not be settled. The full amount should be written off to the profit and loss account of the period or to a provision for bad and doubtful debts as soon as it is foreseen on the grounds of prudence. Bad debts which are subsequently recovered should be written back to the profit and loss account or to a provision for bad and doubtful debts.
