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Intuit

Track donated inventory

You can track inventory items that you're donating or giving away.

Follow these steps to track donated inventory:

  1. Select the Create ⨁ icon icon.
  2. Under Customers, choose Sales Receipt.
  3. From the Deposit to drop-down, select your bank account. This will create a zero dollar transaction in your bank register that can be reconciled at any time.
  4. In the Product/Service section, select the product you are donating.
  5. Change the Rate of the selected product to zero, then select Save. Select X to close out the screen.
  6. Select the Create ⨁ icon on the Toolbar and then select Journal Entry from Other.
  7. In the Account section of the first line, choose the expense account used to track charitable contributions (for example, Charitable Donations Expense).
  8. Enter the cost of the product in the Debits field.
  9. On the next line, choose the Cost of Goods Sold (COGS) account for the item you donated. The cost of the product entered on the line above will populate the Credits field.
  10. Select Save.