Write offs


T

Tom Bombadill

Guys,

Any ideas as how to represent write offs in RMS?

Say after doing a physical inventory, you find out that x number of items
were stolen and y number damaged, and the store has to eat the cost for
those.

Do you just put them in a Dept/Cat. and count it as part of your cost at end
of the quarter?

Is there a better method to doing this?
 
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J

Jeff

Tom,

This an accounting function, not a POS function. You would post this number
in your accounting program. But get the numbers from the Physical Inventory
Discrepancy Report.

--
*
Guys,

Any ideas as how to represent write offs in RMS?

Say after doing a physical inventory, you find out that x number of items
were stolen and y number damaged, and the store has to eat the cost for
those.

Do you just put them in a Dept/Cat. and count it as part of your cost at end
of the quarter?

Is there a better method to doing this?
 
T

Tom Bombadill

Hi Jeff,

I'd agree that this issue would ultimately land on the accountant's lap.
However, that information would first have to originate from inventory
management system. So it'd make sense to have a way to represent those items
in RMS. And I was looking for a mechanism/workaround to do that.

BTW, is there such a thing as a "Physical Inventory
Discrepancy Report", or you're simply referring to the concept?

Thanks,
 
J

Jeff

Tom,

When you run the Manager > Inventory > Physical Inventory part of the
program and enter your count, you are given the option to run the report.
Actually the numbers are at the top of the window even before you print it.

--
*
Hi Jeff,

I'd agree that this issue would ultimately land on the accountant's lap.
However, that information would first have to originate from inventory
management system. So it'd make sense to have a way to represent those items
in RMS. And I was looking for a mechanism/workaround to do that.

BTW, is there such a thing as a "Physical Inventory
Discrepancy Report", or you're simply referring to the concept?

Thanks,
 
T

Tom Bombadill

One follow up question!

Do you know if and how the write off amounts would be reflected in the chart
of accounts in RMS? Would it go under "COGS: Total"? Or does the report have
to be manually handed to the accountant?

Thanks,
 
J

Jeff

Tom,

Give the report/dollar amount to the accountant. S/He should have a Damaged
Goods/Shrink account already and will probably post to a COGS type account.
Double check with them on how they do it.

--
*
One follow up question!

Do you know if and how the write off amounts would be reflected in the chart
of accounts in RMS? Would it go under "COGS: Total"? Or does the report have
to be manually handed to the accountant?

Thanks,
 
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