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WRITING OFF OBSOLESCENCE
Posted:
Wed Jan 25, 2017 4:26 pmby bigmac
We have a lot of obsolete parts we have inherited from combining inventory from 3 stores. We are going to write off a little each month and I am wondering how do you all do this? Do you just minus them from the system and take off the amount from inventory or is there an account you take them from?
Re: WRITING OFF OBSOLESCENCE
Posted:
Wed Jan 25, 2017 8:23 pmby Mike Nicholes
Big Mac; contact me via your dealership email and I will send you the current procedures that must be followed in order to meet the rather stringent tax requirements. It is called Thor Power Took vs. commissioner; and I'll send it to you immediately.
Mike Nicholes
miknik@aol.com
Re: WRITING OFF OBSOLESCENCE
Posted:
Wed Jan 25, 2017 10:26 pmby Bearster18
Stupid question. How can I dig through my inventory easily to find obsel parts?
Re: WRITING OFF OBSOLESCENCE
Posted:
Wed Jan 25, 2017 10:52 pmby Mike Nicholes
Go you your DMS and ask for a list of all parts with greater than 18 months no sale and with an on hand quantity; sort the list by MNS (months no sales); there's your list, oldest to 18 MNS with no sales. Target them for return, scrap or write off.