How to record scrapped items.
I have defective items in inventory that I need to dispose of.
What is the best way to record this?
I thought about "selling" it to "scrap" at 0 cost.
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aEkQyguiir4yUOacwZ5xHE
02/05/12 9:19pm PST
Viewed by asker 02/12/12 6:53pm PST
Viewed by asker 02/12/12 6:53pm PST
3 Replies
Rustler
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02/06/12 3:35am PST
The solution
You can sell it to a "scrap" customer for zero, that would send the average cost to COGS
I prefer to make a sub account of COGS called scrap, and use inventory adjust with that sub account as the adjusting account, lower the qty scrapped
I like to track loss as a result of damage, and seeing the amount in the sub account makes it easy
If I've helped, mark it solved.
My QB tips Blog >> http://onsale-apparel.com/Rust...
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My QB tips Blog >> http://onsale-apparel.com/Rust...
When the majority, who cannot think for themselves, overwhelm the minority who can, you get ... convention.
