Over the last 25 years, I have assisted many dealers in conducting their inventories (no, it doesn’t get more enjoyable), and I’ve seen many variations of the process. If you don’t, then there could be a little pain when this journal entry is created. Again, if you have good systems and good controls in place, then the write-off should be minimal. Dealers will then need to make an adjusting entry to the GL in order to bring the physical count in line with the GL. Once the count has been completed, and all the exceptions have been dealt with, it’s now time to run a second inventory valuation report.
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