Remove Expired Inventory

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.

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.

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.

Create the payment method from the Setup > Settings screen by clicking in the Payment Methods link.

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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.

To create the dump customer, go to Setup > Customers.

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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.

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