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Level 3

How do write off current assets?

I'm going into the next year with some products that haven't sold from inventory.

 

Do I write these assets off? If so, how do you do that?

Solved
Best answer June 11, 2020

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QuickBooks Team

How do write off current assets?

Hello tonjunee, 

 

As a small business owner, it's essential to have an accurate picture of your profits and expenses. If you have remaining unsold inventory that you'd like to write off, QuickBooks Online can accommodate that. I'd be happy to explain the process if you decide that you'd like to write off the inventory. 

 

The first step will be to decide whether or not you need to write off the unsold inventory. This is something I'd suggest running by an accountant. They'll be the best equipped to advise you on that matter. If you're not yet connected to an accountant, you can find one in your area here: Find a ProAdvisor

 

If your accountant recommends proceeding with the write-off, you can follow the steps listed in this article to complete that task: Write off inventory items given as promotional samples


While this article specifically discusses how to write off inventory given as promotional samples, the same steps would apply to the situation you've described above. All you have to do is ensure you're naming the expense account appropriately to the describe the reason the inventory is being written-off (e.g. Unsold Inventory). 


That's all there is to it. If you have any further questions or would like further assistance setting up the write-off in your account, please don't hesitate to reach out to our tech support team. We've got your back.


Cheers. 

View solution in original post

2 Comments
Highlighted
QuickBooks Team

How do write off current assets?

Hello tonjunee, 

 

As a small business owner, it's essential to have an accurate picture of your profits and expenses. If you have remaining unsold inventory that you'd like to write off, QuickBooks Online can accommodate that. I'd be happy to explain the process if you decide that you'd like to write off the inventory. 

 

The first step will be to decide whether or not you need to write off the unsold inventory. This is something I'd suggest running by an accountant. They'll be the best equipped to advise you on that matter. If you're not yet connected to an accountant, you can find one in your area here: Find a ProAdvisor

 

If your accountant recommends proceeding with the write-off, you can follow the steps listed in this article to complete that task: Write off inventory items given as promotional samples


While this article specifically discusses how to write off inventory given as promotional samples, the same steps would apply to the situation you've described above. All you have to do is ensure you're naming the expense account appropriately to the describe the reason the inventory is being written-off (e.g. Unsold Inventory). 


That's all there is to it. If you have any further questions or would like further assistance setting up the write-off in your account, please don't hesitate to reach out to our tech support team. We've got your back.


Cheers. 

View solution in original post

Highlighted
Level 3

How do write off current assets?

Thank you @AddieC.

 

Sounds good.