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lsclosets
Level 1

Our business is closing and some inventory can't be sold or donated. It will be thrown away. What would transactions be in QB Online to get inventory off of books?

 
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vpcontroller
Level 11

Our business is closing and some inventory can't be sold or donated. It will be thrown away. What would transactions be in QB Online to get inventory off of books?

@lsclosets 

 

"Our business is closing and some inventory can't be sold or donated. It will be thrown away. What would transactions be in QB Online to get inventory off of books?"

 

  1. Create a new Salvage Inventory account (or name it as appropriate for your business) as an expense item. You want to use this account to write off inventory items (or taken-off from the books). 
  2. Go to Products and Services List page (Left Dashboard > Sales > Products & Services) and select Inventory items to remove from the inventory list (select checkbox next to the Name column). Go to Batch Actions at the far right and select Adjust Quantity. For the "Inventory adjustment account" select the Salvage Inventory account from the Chart of Accounts. Make a new quantity to zero (0). Save.

That will remove the items from the Inventory Asset account.

 

salvage-inventory.PNG

 

batch actions - adjust quantity.PNG

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