Write off Stock Credited by Supplier |
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Write off stock that is being credited by a supplier Add a stock adjustment down, and write off the stock.
This will: ▪Credit stock on hand 1-xxx ▪Debit stock adjustment 5-xxxx
The full value of the stock will now be sitting in the stock adjustment account as a write down (cost to the company).
Now add a creditor's adjustment down: ▪Debit Trade Creditors (creating the credit in the creditor's account) ▪Credit stock adjustment 5-XXXX
This will reduce the written down cost against the stock adjustment general ledger account.
The end result will be the stock on hand will be reduced, and any cost written off will be shown in the stock adjustment general ledger account, as well as a credit in the creditor's account to take up as required.
How to Add Stock to a Stock Adjustment |