Inventory Shrinkage and QuickBooks

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Posted on 27 Jan 2015 12:56:04 by Goloknath

What is the best way to handle inventory shrinkage (stolen, damaged) in RMS? We are using QuickBooks for our accounting and it looks like the only way to have it post to QB would be to sell the item at zero.

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Kevin Antosh 1,649 on 09 Feb 2020 at 19:08:39

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RE: Inventory Shrinkage and QuickBooks

Hi! Have you tested using the "transfer out" function in RMS and/or setting up a supplier/vendor as "shrinkage" (and using a negative quantity PO)? I can't speak as to how that would transfer to QuickBooks but is something that other retailers using RMS are doing. RMS End of Life is July 2021 - State of Microsoft RMS: www.youtube.com/watch
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LogisticsGuru 5 on 07 Feb 2020 at 18:03:42

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RE: Inventory Shrinkage and QuickBooks

Take a look at our blog post about the various methods to reduce inventory shrinkage.

blog.logisticsforhire.com/how-to-reduce-inventory-shrinkage

If you need any further help, we will be more than happy to assist you!
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Goloknath on 20 May 2015 at 13:15:09

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RE: Inventory Shrinkage and QuickBooks

I assume these are items that were broken at the store. Not returned by a customer broken. If that is the case then, selling at zero is the only way to have it post through the RMS to Quickbooks integration.

You could make a manually entry into quickbooks for any damaged or broken goods, and then just adjust the inventory in RMS.

There are other methods if goods are received from the supplier broken or if a customer is returning the item.