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cparalle
Level 1

How do I record an item that sold (and was not recorded as inventory prior to the sale) and match it to the sales receipt? How do I record item that I dispose of?

 
Solved
Best answer February 12, 2019

Best Answers
HoneyLynn_G
QuickBooks Team

How do I record an item that sold (and was not recorded as inventory prior to the sale) and match it to the sales receipt? How do I record item that I dispose of?

Good day, @cparalle.

 

Thank you for choosing QuickBooks as your accounting partner. I'm the right person to help you record an item that's already been sold. 

  1. Click Sales.
  2. Choose Products and Services.
  3. Click New.
  4. Choose Inventory.
  5. Enter the item name.
  6. On the As of Date field, make sure to enter a date older than the transaction.
  7. Enter the quantity on hand. 
  8. Click Save ad close.

After adding the inventory item, enter the sales transaction:

  1. Click the Plus icon.
  2. Choose Sales Receipt.
  3. Enter the information needed.
  4. Click Save.

 

That should add the item and record the transaction, cparalle. I also recommend seeking an accountant for an expert's advice about dispose items to ensure there will be no problem with the books in the future.

 

Please let me know if you're referring to something else. Just add a comment below or mention my name. I'm still here to help you more. Have a wonderful day ahead.

View solution in original post

Joyce_P
QuickBooks Team

How do I record an item that sold (and was not recorded as inventory prior to the sale) and match it to the sales receipt? How do I record item that I dispose of?

Hi cparalle,

 

Yes, you can record the disposed items as an inventory. You'll have create a sub-account  of COGS called loss. Then, you'll need to lower the quantity of the items that need to be written off. Also,  I would recommend discussing this with your accountant to be advised on how to deal with these items.

 

Let us know if you need anything else by leaving a comment below. Have a good one!

View solution in original post

3 Comments 3
HoneyLynn_G
QuickBooks Team

How do I record an item that sold (and was not recorded as inventory prior to the sale) and match it to the sales receipt? How do I record item that I dispose of?

Good day, @cparalle.

 

Thank you for choosing QuickBooks as your accounting partner. I'm the right person to help you record an item that's already been sold. 

  1. Click Sales.
  2. Choose Products and Services.
  3. Click New.
  4. Choose Inventory.
  5. Enter the item name.
  6. On the As of Date field, make sure to enter a date older than the transaction.
  7. Enter the quantity on hand. 
  8. Click Save ad close.

After adding the inventory item, enter the sales transaction:

  1. Click the Plus icon.
  2. Choose Sales Receipt.
  3. Enter the information needed.
  4. Click Save.

 

That should add the item and record the transaction, cparalle. I also recommend seeking an accountant for an expert's advice about dispose items to ensure there will be no problem with the books in the future.

 

Please let me know if you're referring to something else. Just add a comment below or mention my name. I'm still here to help you more. Have a wonderful day ahead.

View solution in original post

cparalle
Level 1

How do I record an item that sold (and was not recorded as inventory prior to the sale) and match it to the sales receipt? How do I record item that I dispose of?

And how about items that I dispose of? I purchase storage lockers at auction so at times there are items that aren’t worth selling and I actually have to pay to dispose of, should I bother recording those in my inventory?

Joyce_P
QuickBooks Team

How do I record an item that sold (and was not recorded as inventory prior to the sale) and match it to the sales receipt? How do I record item that I dispose of?

Hi cparalle,

 

Yes, you can record the disposed items as an inventory. You'll have create a sub-account  of COGS called loss. Then, you'll need to lower the quantity of the items that need to be written off. Also,  I would recommend discussing this with your accountant to be advised on how to deal with these items.

 

Let us know if you need anything else by leaving a comment below. Have a good one!

View solution in original post

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