Writing Off Stock

69 Results For Writing Off Stock

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 procedure…

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?

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 to be…

7 steps to a successful stock take | MYOB Blog

With the end of the financial year just behind us, most business owners would have completed the arduous task that is a stock take! A stock take is a count of the business inventory on hand, typically done at the end of the financial year, though some businesses may do it more regularly.

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. The…

Broken/Damaged Stock

…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 direction. Thnak you so much! Kimberli

5 ways you are sabotaging your own business | MYOB Blog

Most business owners get bogged down by

6 Things To Do Before the End of the Tax Year | MYOB Blog

6 things to do before end of tax year New Zealand

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 you…

How do I compete with online retailers? | MYOB Blog

Ten years ago, the writing was apparently on the wall for bricks and mortar retail stores. Online retailers had started to emerge and would supposedly wipe out the old guard. Yet, despite a harsh economy, which has seen a good number of retailers go to the wall, many still remain. Why is this, and what are the best of the best doing to compete with online retailers?