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?
Inventory written off but now sold
Answers
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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Accounting