Writing off stock means that you are removing some or all of the cost and quantity of inventory items from your system. The need to write off stock occurs when it becomes obsolete or missing and needs to be removed from the system so not to distort stock holding figures. The product will remain in the system, it’s not deleted, but the quantity will be cleared to zero.
A couple of things to be aware of before writing off stock:
- For security reasons, written off stock is recorded in the transaction log and will be visible when viewing a product audit.
- When writing off stock, proceed with extreme caution and make sure the correct criteria, locations and unit types are selected prior to write off.
- The most common scenario for writing off stock is to clear down Stocktake discrepancies that were moved to another location or unit type.
How to ‘Write Off’
Stock can be written off at any level in the explorer tree. You can choose to write off stock at the top level of your system, or at any level down to a single product variant. Applying a system filter to return the products you wish to write off, and then actioning the write off on the returned results is the safest way to write off stock.
Warning! When writing off stock proceed with extreme caution. If you are writing off a large number of products make sure you configure you filter correctly and remember to filter by location if you are only wanting to clear from a specific branch.
- 1 – Select Your Criteria
First apply a filter (A). For this example we are going to filter the system to a single location, branch 1, and clear down a single product. Note the stock levels (B) currently showing for a single location on our example product.
- 2 – Write Off
The Stock Write Off facility can be found under right click Action > Stock Write Off in the Explorer Tree. Right click on the product that we are writing off and select this option.
- 3 – Choose Unit Type
Choose the Unit Type, we are using Standard Stock in our example.
- 4 – Are You Sure?
Read the warning prompt and if all is OK, type ‘WRITEOFF’ in the entry box and click OK.
- 5 – Check Results
Branch 1 will no longer contain stock (A). And the Product Audit (B) shows a history of the Write Off taking place for security reasons.