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I have an amount of trade goods that have discoloured and are therefore unfortunately no longer usable and can no longer be sold. Do I just remove them from my inventory or is there something else I need to do in terms of accounting?
I have an amount of trade goods that have discoloured and are therefore unfortunately no longer usable and can no longer be sold. Do I just remove them from my inventory or is there something else I need to do in terms of accounting?
Good question!
Accounting-wise, there is nothing else to be done, shit happens.
At the end of the year, around 31/12, you will need to enter your inventory. Your closing inventory will then be lower than it would otherwise be. This will have an impact on your accounts, simply by counting your inventory on 31/12 and then entering it.
I suspected it would be something like that, but thank you for confirming my suspicion.
You really should try it out for yourself. Even if you don’t have a company number yet, you can already go ahead.