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KenyaTax

Accounting

Stock write-off and obsolescence tracker

Record stock written off for expiry, damage, obsolescence or loss, with the value, the date and who approved it.

Stock write-off and obsolescence tracker template

Write-offs need to be controlled and recorded. Record each item written off with the quantity, the unit cost, the reason, the date and who approved it, and the tracker works out the value of each write-off, totals them by reason and shows the overall loss, giving you the evidence you need for the accounts and for any tax deduction.

Shops, pharmacies, wholesalers and manufacturers who write off stock, and accountants who review stock losses.

What is included

  • Item, category, quantity and unit cost
  • Reason for the write-off from a list
  • Value written off for each row
  • Total write-offs at the top
  • Summary by reason with a chart

Screenshots

  • Stock written off of Stock write-off and obsolescence tracker
  • Write-offs by reason of Stock write-off and obsolescence tracker

How to use it

  1. Add a row for each write-off with the quantity and unit cost.
  2. Choose the reason and enter the date.
  3. Record who approved it.
  4. Use the totals for your journal and the year-end accounts.

Templates are tools to help with your own records. They are not tax or legal advice. Check the figures against official sources before filing or paying.

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What the stock write-off and obsolescence tracker does

Write-offs need to be controlled and recorded. Record each item written off with the quantity, the unit cost, the reason, the date and who approved it, and the tracker works out the value of each write-off, totals them by reason and shows the overall loss, giving you the evidence you need for the accounts and for any tax deduction.

Who it is for

Shops, pharmacies, wholesalers and manufacturers who write off stock, and accountants who review stock losses.

How to use the workbook

  1. Add a row for each write-off with the quantity and unit cost.
  2. Choose the reason and enter the date.
  3. Record who approved it.
  4. Use the totals for your journal and the year-end accounts.
  5. Save a copy under a new name for each month or year, so earlier records stay as they were.

What is inside

  • Item, category, quantity and unit cost
  • Reason for the write-off from a list
  • Value written off for each row
  • Total write-offs at the top
  • Summary by reason with a chart

The workbook has these sheets: Instructions, Write-offs, By reason. The main table has the columns Date; Item; Category; Quantity; Unit cost; Reason; Value written off; Approved by. Yellow cells are for you to fill in and grey cells calculate by themselves, so leave the grey cells alone. The example rows show how it works; type over them with your own entries.

Tips for getting it right

  • Get written approval before stock is disposed of.
  • Photograph damaged or expired stock.
  • Investigate repeated losses of the same item.
  • Keep supporting documents with the tracker.

Why keep this record

Accounting records let you answer three questions at any time: what came in, what went out and who owes whom. Kept consistently they also make tax returns, loan applications and the sale of a business much easier, because the evidence is already organised. Entering transactions the day they happen is far cheaper than reconstructing them at year end.

Questions people ask

Do I need to know Excel formulas? No. Type into the yellow cells and the rest is worked out for you. The formulas are visible if you want to see how a figure is reached.

Can I add rows or change the layout? You can add your own columns to the right and your own notes. If you insert rows inside a table, copy the grey formula cells down so the new rows calculate too.

Will it work on my phone or in Google Sheets? Yes for viewing and typing, but dropdown lists and the charts look best in desktop Excel or LibreOffice.

Keeping it safe and up to date

Good accounting records are a legal duty as well as a management tool: keep the supporting receipts and invoices with the workbook, and keep each year's copy for at least five years. Work on a copy, never on your only file, and back it up.

Read how to keep business records for KRA for the wider picture. Free calculators that go with it: Corporation tax calculator. See more accounting templates or ask us for a custom one.

The workbook works in Microsoft Excel, LibreOffice and Google Sheets. It is a tool to help you work out and record figures, not tax, legal or accounting advice, and it is not affiliated with the Kenya Revenue Authority. If something does not work as described, contact us and we will put it right.

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