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Track donated inventory in QuickBooks Online
by Intuit• Updated 2 months ago
You can track inventory items that you're donating or giving away.
Follow these steps to track donated inventory:
- Select + New.
- Under Customers, select Sales receipt.
- From the Deposit to dropdown, select your bank account. This will create a zero dollar transaction in your bank register that can be reconciled at any time.
- In the Product/Service section, select the product you are donating.
- Change the Rate of the selected product to zero, then select Save. Select X to close out the screen.
- Select + New.
- Select Journal entry.
- In the Account section of the first line, choose the expense account used to track charitable contributions (for example, Charitable Donations Expense).
- Enter the cost of the product in the Debits field.
- On the next line, choose the Cost of Sales (COS) account for the item you donated. The cost of the product entered on the line above will populate the Credits field.
- Select Save and close.
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