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#54989 - 12/01/21 07:20 AM correct way to write off slow moving/old inventory
AUrunner
Member


Registered: 03/15/07
Posts: 118
Loc: Ohio, U.S.A.
sage 300 advanced 2017

Previous owner of business used IC - Adjustments to decrease cost on slow moving and old inventory to get it off the books. Then they left those items in inventory and sold them slowly piece by piece. Assuming doing it this way would show 100% profit when selling.(or nearly 100%, most items were cost down to .10)
Is that the correct way to deal with slow moving / old inventory?

We have another large group of products that need to be "written off" and want to make sure we are doing it the correct way.

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#54990 - 12/06/21 03:35 AM Re: correct way to write off slow moving/old inventory [Re: AUrunner]
Dorothy Hughes
Member


Registered: 10/01/21
Posts: 2
Loc: California
Do you guys have a facebook or myspace fan web page? I looked for one on facebook but couldn’t find one, I would love to become a fan!

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#54991 - 12/06/21 03:35 AM Re: correct way to write off slow moving/old inventory [Re: AUrunner]
Ruby Wrenn
Member


Registered: 08/13/20
Posts: 2
Loc: Tennessee
I think this is one of the best source. I have found what I was looking for. A good day

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