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:
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In this article, you will learn how to manage unsold inventory by creating a dedicated payment method, carrier, and customer for expired items, also known as dumping inventory.
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Common industry terms for this process and inventory:
You can use any of these or any other term for naming the things you’ll create during the setup process described in this article. |
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Setup
To start removing and acocunting for expired or missing inventory, you need to do the following steps:
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
Dump Account.
Select Expired Inventory as a payment method
.
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.
Remove Expired Inventory
Go to Order Entry and select Add Order.
Select Expired Inventory as a Customer.
Select Expired Inventory as a Carrier.
Add
the products you are removing from the Inventory.
Sell them at a price of $0.00.
Click on Confirm to submit the Order.
Scan the boxes and remove them from your warehouse.
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This process is also known as Dump Process.
Following this process will help you with the following:
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