Showing results for 
Search instead for 
Did you mean: 
Find the help you need to prepare your business, communicate with customers, and support your employees during the Coronavirus (COVID-19) outbreak. Click here

Track donated inventory

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

Follow these steps to track donated inventory:

  1. Select + New.
  2. Under Customers, choose Cash Memo.
  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 + 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.

Was this helpful?

You must sign in to vote, reply, or post