How to Write Off Pennies in Your Vehicle Stock Nominal Code

Pennies may occasionally accumulate in your Vehicle Stock Nominal Code due to VAT and rounding differences. While minor, writing them off ensures your nominal accounts are tidy. The simplest way to achieve this is via a nominal journal entry.

Step-by-Step Write-Off Procedure

1. Navigate to Journal Posting:

   • Go to Accounts > Nominal Ledger > Journal Posting.

2. Post the Journal Entry:

   • Create a new journal entry to write off the discrepancy.

   • Debit/Credit Entry 1 (Stock Account):

     • Code the entry to the relevant Vehicle Stock Nominal Account (e.g., Branch.Department.60.80).

     • Enter the penny amount required to bring the balance to zero.

   • Debit/Credit Entry 2 (Write-Off Account):

     • Enter the opposite debit or credit entry to the designated Write-Off Nominal Account, typically: 0.0.40.7 (Write Off).

3. Finalise: Post the journal.

This method accurately clears the minor discrepancies and accounts for them in your financial records.