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You can remove unsold Inventory and keep accounting by using this process. You need to create a payment method, a Carrier, and a Customer you will use exclusively for Expired Inventory. Here are the steps to remove Expired Inventory:
Step one: Create a new payment method
- Go to Setup and select Settings.
- Click on Payment Methods located in the Account Receivables group.
- Click on Add a new payment method.
- Name it Expired Inventory and click Save.
Step two: Create a new Customer
- Go to Setup and select Customers.
- Click on Add Customer.
- Name it Expired Inventory.
- Select Expired Inventory as a payment method.
- Enable Landed cost as price in the Advanced settings.
- Click Save to enable the new Customer.
Step three: Create a Carrier
- Go to Setup and select Carriers.
- Click on Add Carrier.
- Name it Expired Inventory.
- Add EXP as the Carrier Code.
- Click Save.
Step four: Sell the Expired Inventory to this Customer
- Go to Order Entry and select Add Order.
- Select Expired Inventory as a Customer.
- Select Expired Inventory as a Carrier.
- Click on Add Items.
- Add the products you are removing from the Inventory.
- Click on Confirm to submit the Order.
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Removing expired Inventory this way makes the use of Komet Analytics possible to track Inventory that was not sold. |
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This process is also known as Dump Process. |
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This process is also known as Dump Process. |