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.
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.
Table of Contents
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.
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.
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.
Related Articles
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UIM - Add an Order in Units (Knowledge Base)
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Edit an Invoice (Knowledge Base)
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Availability Reports (Knowledge Base)
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Inventory Summary (Knowledge Base)
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Order Entry (Knowledge Base)