On 6/25/2023 1:42 AM, Jeff wrote:
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.
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?
Right it is a general accounting question, not a gnucash question. I
suggest a standard 101 text for Australia to find out what expense
account to charge. NOT likely going to be "cost of goods sold". Might be
something like "inventory obsolete, lost, stolen, damaged, etc." << you
need to consider far more possibilities than becoming valueless because
obsolete >>
Michael FD Novack
PS -- I am not "qualified" to give accounting advice here let alone for
Australia
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