write off

We use [write something off] to mean cancel the record of a bad debt; acknowledge the loss of or failure to recover an asset:

• I don’t think we should continue with this particular project but let's forget about it and see it as experience. [replacing phrasal verb]
• I don’t think we should continue with this particular project but see our failure as experience. [replacing phrasal verb]
  
• Looks like we need to cancel the debt as there’s no hope of getting the money back. [replacing phrasal verb]
  

• Looks like we need to write off the debt as there’s no hope of getting the money back.
• Let’s write this off to experience. At least we know what doesn’t work.

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