How do I account for a unit written off?
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Summary
This article will explain how to account for writing off a vehicle from the vehicles sales and alter the values in accounts.
More Information
As the summary states there are two parts needed to be done in order to write of a vehicle from the system.
Writing Off the Value of the Vehicle
In order to reduce the value of stock you will need to know the Nominal Centre's for your 'Stock Value' and 'Vehicle Write-Off'.
 | If you do not have a 'Vehicle Write-Off' centre you will need to create one making sure that it is a "P/L indicator" set to 'Cost of Sales'. See : How do I Create a Nominal Code? for instructions to do this. |
Once you have the two centres to hand you will need to do a journal between these centres. Go to " Nominal Ledger Journal Entries Double Entry".
- On "1st Centre :" enter in the centre for your "Stock Value". i.e. Z942.
- On "Date :" enter the date when you want the postings to be done.
- On "Amount :" enter the 'Vehicle Nett' cost amount, as a positive amount as you will be debiting the "Stock Value". i.e. 6500.
- On "Cheque No./Comment :" enter the 'Vehicle Stock number and W/Off' i.e. 12345 W/Off
- On "2nd Centre :" enter in the centre for "Vehicle Write-Off". i.e. 11902.
