Hi
I run a small fruit and veg shop and need to record wastage does Quick File have a category somewhere for recording this thank you in advance.
By the way i think Quick File is an excellent book keeping program…
Julie
Hi @julie1
Firstly I’m glad to hear you like the software…
Now in regards to wastage, strictly speaking this doesn’t need to be recorded for accounting purposes, although you still may want to do so for your own reference.
Let’s say you buy 50 apples from your supplier, you sell 40 to customers and 10 spoil and cannot be sold. You profit is the income from the 40 sold less the cost of the 50 purchased. The fact that 10 wasted doesn’t change your bottom line.
If for reporting purposes you wanted to document this you could journal the value of the wasted produce to another expense code on your chart of accounts. So you could create a new purchase code called “Fruit & Veg Wastage” and journal from say “General Purchases” (or whichever code you normally post your stock purchases to) over to the new nominal code “Fruit & Veg Wastage”. You can then look at your profit and loss report over a given period and see how much of the produce could not be sold due to wastage.
I hope this helps, but please let me know if I can be of further assistance.
Thats brilliant thank you so much