I wrote off one item for inventory write off but I don’t know what expense account to put in under. Should I create an account called writeoffs or what?
What was the reason for write off? If the write-off was used for giving away inventory for promotional purposes, then write it off to some advertising or marketing expense account.
I bought a memory card that was not compatible with the security camera that I sold the client. So I got another memory card for the client and I am sitting with a memory card that I will probably never sell. So basically I want to “dispose of it” on my accounts as I won’t be selling it.
You can create an expense account called Obsolete inventory or something similar and use it to write-off items which became obsolete.
ok will do that. Thanks