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Inventory written off but now sold

Stacey Roberts's Profile

Hi, last year we wrote off the value of what was perceived to be old/obsolete inventory but we didn't actually dispose of it. Today, we have sold one of the items which was written off.

We use Sage
What I need to know, is how do I account for the sale of the item which is no longer shown in the inventory list. I still need to raise a SO & Invoice for the customer but where would I need to show the transactions in the nominals in Sage?

Can anyone help?

Answers

Len Green
Title: Performance Improvement Consultant and E..
Company: Haygarth Consulting LLC
LinkedIn Profile
(Performance Improvement Consultant and ERP Strategist, Haygarth Consulting LLC) |

If these are rare, ancillary to your business and are for products you no longer sell, I would create a miscellaneous invoice for Scrap Sales. You are not formally picking an item (as you stated " item which is no longer shown in the inventory list.")
But make sure you report it for VAT

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