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Track donated stock in QuickBooks Online

by Intuit Updated a day ago

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

Follow these steps to track donated stock:

  1. Select + New.
  2. Under Customers, select Sales receipt.
  3. 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.
  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 + New.
  7. Select Journal entry.
  8. In the Account section of the first line, choose the expense account used to track charitable contributions (for example, Charitable Donations Expense).
  9. Enter the cost of the product in the Debits field.
  10. 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.
  11. Select Save and close.

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