How do you write off parts stock?

Modified on Mon, 16 Oct 2023 at 03:21 PM

If you want to create a provision for a stock write down post a journal each month for the estimated write off value, debit P&L (Profit and Loss) credit balance sheet.

If you want to write off specific lines of stock, create a P/L account called "Stock write-off" Goods out the parts at full cost to the P/L account. Goods parts back in on P/L account at relevant value i.e. £1 each.


In Nominal Ledger create a nominal code to post the write off to.


Then go into P/L account and post a zero invoice picking up both debit and credit lines created by goods in and goods out. The system will create a write off for the difference, you can either leave the default as 1.10.40.7 or you can remove the nominal posting and select the nominal code above.

Was this article helpful?

That’s Great!

Thank you for your feedback

Sorry! We couldn't be helpful

Thank you for your feedback

Let us know how can we improve this article!

Select atleast one of the reasons
CAPTCHA verification is required.

Feedback sent

We appreciate your effort and will try to fix the article