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Nooruddin Oraal

I have got 100 units of external CD Drives in my warehouse. I realized that 7 of them are useless and damaged therefore I would like to write them off from my inventory to an expense account and reconcile my inventory in terms of quantity and value.

Is there any option in the warehouse by the name of WRITE-OFF under items/products where I can click and write off the value and quantity from my warehouse and is charged to profit and loss account as expense. We know we should be able to customize the journal entries where to debit and where to credit?

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patrick
Best Answer

You go to products (either on Sale, Purchase or Warehouse), select the product, (so you get the details of the product), click the button 'More' and select 'Inventory move'.

Click on the button 'Create'.

On the new screen, there is an option called 'Scrap'. Click on it and fill the number in of the items you want to scrap.

When done and returned to the previous screen, click 'Discard' otherwise you will make 1 new product.

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Zura Tsiklauri

Hi, Using Scrap is an option. But how to generate the accounting entries?