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| Excerpt |
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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. | Info |
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Use this method of removing expired (dump) or missing inventory (shrink) to remove unsold inventory from your account and keep track of unsold products in Komet Analytics. |
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Common industry terms for this process and inventory: Dump. Inventory that is to be intentionally discarded. Shrink. Missing Inventory. Expired Inventory. Product that has passed its maximum aging and is to be discarded.
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.
Image Added 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.
Image Added 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.
Image Added Remove Expired Inventory
Go to Order Entry and select Add Order.
Select Expired Inventory as a Customer.
Select Expired Inventory as a Carrier.
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.
Image Added Following this process will help you with the following: Maintain correct inventory data. Allow the loss from Dump/Shrink to be tracked by viewing the Dump Account in the Sales Detail Report. The Total Landed Cost column is the cost of the products dumped or lost to shrink. (in the Reports/Customers/Sales Details). Automatically provides accurate net margins (GPM) at the product, line, and vendor levels. Companies using Komet Analytics can also see these GPM values before and after dump.
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This process is also known as Dump Process We've encountered an issue exporting this macro. Please try exporting this page again later.