Stock Wastage

You may need to adjust the stock on hand quantity of a stock item when, for example, you have broken a bottle of medicine or the expiry date of a stock item has lapsed.

Because the stock adjustment transaction alters the Cost of Sales account, this may not be appropriate when you have "wasted" stock, therefore you can use the Stock Wastage function which allows you to nominate a general ledge expense account for this type of event.

There are two steps that must be done prior to using the Stock Wastage function:

1. Step 1: Create a Stock Wastage general ledger account.
2. Step 2: Enter the Stock Wastage account in Account Defaults.

Step 1: Create a Stock Wastage general ledger account

1. Go to: Main menu > General Ledger module > General Ledger menu > Chart of Accounts.
2. From the GL Account List window, click Insert.
3. Enter the details of the account, ensuring the account type of Expense is selected.
4. Click Save.

   

Step 2: Enter the Stock Wastage account in Account Defaults

1. Go to: Main menu > Maintenance module > Maintenance menu > Account Defaults.
2. In the Stock Wastage field, type the number of the Stock Wastage general ledger account.
3. Click Save.

   

   • You are now ready to use the Stock Wastage function in VisionVPM.

Wasting a stock item

1. Go to: Stock menu > Stock Details > locate stock item.
2. Click Adjust.
   • Today's date will be displayed.
3. Click OK or change the date to the date when the stock item should have been adjusted.
4. Select the Stock Wastage check box.
   • The Reason for the adjustment field will be automatically populated with Stock Wastage, which can be overtyped if required.
5. In the New total stock on hand field, type the new stock on hand quantity.
6. Click Save.

   

   • VisionVPM will alter the stock on hand quantity to the new amount.