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mikelu9661
Level 3

How to write off inventory for personal use

Hello,

I was wondering what type of charter account do i use to write off inventory taken off & qty adjusted for personal use.

1 Comment 1
MaryJoyD
QuickBooks Team

How to write off inventory for personal use

You can write off this inventory item by creating a sales receipt with zero sales, @mikelu9661.

 

Here's how:

  1. Select + New and choose Sales receipt.
  2. Choose the name of the customer.
  3. Enter the service date, product/service, and description.
  4. Add the number of items that you'll be going to write off under the QTY column. 
  5. Leave the Rate column zero ($0). 
  6. Select Save once you're done. 

This will reduce the inventory and will record the COGS as an expense. Check this article for more information: Create and send a sales receipt

 

Here's also more information on how to track your inventory: Set up and track your inventory in QuickBooks Online

 

Let me know if there's anything that you need. I'm always here to assist. Have a wonderful day!

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