Writing Off Stock

21 Results For Writing Off Stock

Stock write offs acct

I have set up a COGS Stock Write off Acct 5- but I’m not sure what the difference would be if I set up an expense acct 6- instead to record stock adjustments. The posts seem to suggest both as being ok and the MYOB message say it’s usually an expense acct?

Stock Write Off.

Last financial year some stock items were written off, but we need the recommended way to bring one of the items back into stock for a special sale. Do you create an Inventory adjustment journal entry and add the item back in, but for the amount put in 'Nil value"? Please advise with the correct…

Broken/Damaged Stock

Hi There What account code do I use in my chart of accounts for faulty stock? Is it cost of sales or a liability. I am not sure. We want to have a record or our returns so we can write them off at the end of the year but not sure what account area we record them in. Can someone steer me in the right…

Inventory Adjustment Query

…problem where the business has recieved stock in where a portion of the stock was faulty and not saleable. The problems that I see with how this was handled are as below. 1.There has been an Inventory Journal raised to write the faulty items off but the write off has been sent to the COGS account.…

Inventory adjustments

…recorded. Occasionally the quantities of your physical stock holdings may differ to the balances in the software. One of the most common causes of this is when stock is written off. Any situation which affects the quantity or value of your physical stock holding, other than a sale or purchase, needs…

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Credit Notes

…Credits tab of the Sales Register to apply the credit to the original invoice. Writing off a bad debt At times people will be unable to pay their account, or simply refuse to pay it. Our support note Writing off bad debts provides information about handling bad debts. Applying a discount if…

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Forum weekly update #76

…Contact your accountant to discuss the deductions, write-offs and rebates available to your business before June 30. Take action to scrap worthless stock, plant and equipment by reviewing your asset register (which keeps track of your company equipment including items purchased, sold or disposed…