DESKTOP EDITION CLOUD EDITION SERVER EDITION THEMES GUIDES FORUM
Guides

Write off inventory

Write off inventory to record loss, damage, obsolescence, or other non-revenue reductions of inventory. When inventory items are written off, they are no longer available for sale or production, so they are no longer assets in the Inventory on hand account. Their value must be transferred to some expense account. This is done in the Inventory Write-offs tab.

Example
ACME Distributing gives away samples of its products at trade shows. To keep inventory records accurate, it writes off the items, allocating the expense to a Trade show advertising account. The balance of Inventory on hand declines.

Enable the Inventory Write-offs tab

Click Customize below the left navigation pane, check the box to enable Inventory Write-offs, and click Update:

Enter the write-off

In the Inventory Write-offs tab, click New Write-Off:

Complete the form:

Click Create to write off the inventory item(s) and make all necessary accounting adjustments.

Note
Because inventory write-offs are internal accounting adjustments, they are not viewable documents and cannot be printed, emailed, or converted to PDF format.

Products

Support

Subscribe to Updates

Subscribe to our newsletter and get exclusive product updates you won't find anywhere else straight to your inbox.

© 2017 - Based in Sydney, Australia but providing goodness globally