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wwrk2hrd
Level 1

In QB Self. I have fresh baking materials which I buy but have to throw away due to expiration. How do I deduct these from my Expense-Materials I bought?

i can't seem to be able to manually enter a transaction without it seeming like a double expense of materials.
3 Comments 3
Charies_M
Moderator

In QB Self. I have fresh baking materials which I buy but have to throw away due to expiration. How do I deduct these from my Expense-Materials I bought?

I'm glad you ask, wwrk2hrd.

 

You can enter an invoice using the same item (baking material/s) with zero amount to prevent you from having double expenses.

 

To do that:

 

  1. Go to the Transaction menu and select Add Transaction.
  2. Enter the amount and a description.
  3. Select the Select a category menu. Select the best category to organize your transaction.
  4. If you have a receipt, you can drag and drop it onto the form.
  5. Click Save.

For more information about adding transactions in QBSE, feel free to check out this article: Manually add transactions in QuickBooks Self-Employed.

 

Otherwise, you can ignore it or not record the deduction since QuickBooks Self-Employed doesn't track quantity. In this case, the expenses will not be doubled because an actual expense was only made once. This way, it will just appear as expensed paid once but never used to sell the item.

 

If you need additional references for future tasks, you can check out these helpful links: 

The Community is always open if you have other questions. I'll be around to help. Wishing you a great day ahead!

wwrk2hrd
Level 1

In QB Self. I have fresh baking materials which I buy but have to throw away due to expiration. How do I deduct these from my Expense-Materials I bought?

thank you for responding. I made an invoice with two line items. 

1. Expired Items-  was 90 units @ $6 as a charge

2. Expired Items 90 units @6 as a credit so the invoice total was $0

was this incorrect? where will I actually see this loss for my taxes on any report in QB? 

Adrian_A
Moderator

In QB Self. I have fresh baking materials which I buy but have to throw away due to expiration. How do I deduct these from my Expense-Materials I bought?

I appreciate the steps you've done, wwrk2hrd.

 

At this time, I recommend reaching out to our Phone Support team. Our agents there will walk you through the steps on how we can record the items. It also helps us to ensure the accuracy of your Schedule C.

 

Here's how you can contact them:

 

  1. From the ? Help button, click Contact us.
  2. Enter, Record expired items.
  3. Scroll down, and you can select how you'll want to contact our support.

 

You can also bookmark this link on how we can categorize transactions: Categorize Transactions in QBSE.

 

I'm just a post-away if you need help. Keep safe!

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