Where a full credit of the goods is refused, the difference between the cost of the stock and the credit allowed is posted to the Write Off account from the inventory item.
Example
| Ex GST Cost | GST | Inc GST Total | |
|---|---|---|---|
| Part A - Shipping Return | 585.00 | 58.50 | 643.50 |
| Part A - credit allowed | 400.00 | 40.00 | 440.00 |
| Part B - no Shipping Return | 600.00 | 60.00 | 660.00 |
Journal
| Warehouse Mask | GST Code | Debit | Credit | |
|---|---|---|---|---|
| Part A - Inventory Value In Transit Warehouse |
|
|
585.00 | |
| Part A - Creditor Control | 440.00 | |||
| Part A - GST Inwards Adjustment |
|
40.00 | ||
| Part A - Stock Write Off |
|
185.00 | ||
| Part B - Inventory Value Source Warehouse |
|
|
600.00 | |
| PArt B - Creditor Control | 660.00 | |||
| Part B - GST Inwards Adjustment |
|
60.00 |
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