Write off stock

Overview:

Find out how to write off stock.

Why write off stock?

When stock is unlikely to be sold or used due to damage, expiration, theft or being obsolete, they are written off by adjusting the inventory records. The adjustment reduces the inventory value, freeing up money and lowering the risk of loss.

How to write off stock?

Identify stocks to write-off: Determine the items and assess the quantity and reasons that need to be written off.
Adjust inventory records in Wiise: Set up and post an item journal in Wiise to negatively adjust your inventory for stock write-off.
Record documentation: Maintain thorough documentation for all write-off inventory adjustments, including the reason and who performed the write-off when it occurred. Maintain this for audit purposes.
Conduct regular reviews of inventory: Perform regular stock takes at the warehouse to identify and address stocks that need to be written off promptly.

Note: Stock can be written off using item journals and warehouse item journals as well.

What’s next?

Find out how to review the quality of receiving goods.

Need more help?

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