Did you know… Your Boulevard software can manage write-offs for old/expired and damaged product?

Writing things off, or expensing them, is a normal part of running a business. Examples of writing off Section 1 products for your business can include lost or damaged product you have shipped to a customer and old or expired product. Your Boulevard Help menu has additional examples in the topic: Using section 1 items as demos.

When you have a situation that occurs where you need to write-off a Section 1 item, there are several key components you should consider to ensure your records are kept accurately. First, the product needs to be removed from inventory – usually handled by entering an invoice. Second, the item should be shown as a loss. In Boulevard, this means entering an expense transaction. There may be more than one way to handle such a transaction, but here are the steps we recommend using the example of an expired product. Please refer to your accountant or tax advisor for additional information, further clarification, or their recommendation.

1. Invoice the product to your Business Supplies customer at 50% off (or the applicable discount for your country) and tax on the retail value.

   

2. Mark the invoice as Paid.
3. In the Note field, type Expired Product.
4. Print the invoice.
5. Create an expense transaction using Business Supplies as the Payee, and Old/Expired Product as the category – or the one recommended by your accountant.

Would you rather have all of this done for you? Not a problem! Main Street Software, Inc. offers a host of services to support you in your business. Our A la Carte Virtual Assistant service might be the perfect compliment to your busy life. Let us do the data entry on your expenses so you can spend time with your customers and family. Visit our website for more details.

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Tagged as: business tips, expenses, Expired Products, invoice