Write off / write down old stock process

[Marcus_West]

Please can someone explain what entries we would need to make to write off or write down old stock.

Here is the scenario:

We have old stock that has not sold and we know we will not sell it for anything near enough to make any profit from it. We will need to sell it off slowly over time at a loss from what we paid for it.

So if that stock made up of mixed lines was say £1000, when we do our annual stock take, what would we need to do on quickfile to make it balance correctly?

Any help would be much appreciated.

[Fauxman24]

Hello. You have 2 choices.
Create a new nominal code in the 5XXX series called Stock Revaluation and take the hit immediately or take the loss when you sell the items.
Probably more prudent to follow the first option.