Hi List,
This is more a general accounting question than specifically a GnuCash
one, but thought there might be better help on the list for it.
Background:
I use GnuCash for business use, and track the purchase of inventory.
This goes into an Inventory Account
When sold, the sale gets recorded against the Income Sales, and the cost
of the goods gets recorded in COG's.
Issue:
I have some stock that is either obsolete, or otherwise no longer fit
for sale. Just wondering what is the "correct" way to write this stock
off. (In case it matters, I am located in Australia).
My thoughts were:
- Have an Account called Write-offs to record the transfer of the dollar
amount from Inventory to Write-Offs.
- Also, record the cost of goods in the COG's account, just like it was
sold. This is the main bit I am unsure of.
Any other suggestions, or am I looking at this completely wrong?
Regards,
Jeff,
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