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hello32
Level 2

Inventory donated to my company

I purchased some inventory that would be a COGS sold for an item I sell. I made the mistake by using a personal card to pay for it. I know I could reimburse myself from the company and record that transaction and inventory assets, but is there another way. Is there a way I can show this as donated inventory from me to my company so that I can still show a value for this to be used as COGS.  I assume not since there is zero cost on an incoming donation. Technically if it was donated it would reduce my cogs sold unit price
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Best answer May 22, 2020

Best Answers
Rustler
Level 15

Inventory donated to my company


@hello32 wrote:
I purchased some inventory that would be a COGS sold for an item I sell. I made the mistake by using a personal card to pay for it. I know I could reimburse myself from the company and record that transaction and inventory assets, but is there another way. Is there a way I can show this as donated inventory from me to my company so that I can still show a value for this to be used as COGS.  I assume not since there is zero cost on an incoming donation. Technically if it was donated it would reduce my cogs sold unit price

You can enter a purchase of the item and use equity investment as the account to pay for it.  Other than that, no there is no other way

View solution in original post

2 Comments
Rustler
Level 15

Inventory donated to my company


@hello32 wrote:
I purchased some inventory that would be a COGS sold for an item I sell. I made the mistake by using a personal card to pay for it. I know I could reimburse myself from the company and record that transaction and inventory assets, but is there another way. Is there a way I can show this as donated inventory from me to my company so that I can still show a value for this to be used as COGS.  I assume not since there is zero cost on an incoming donation. Technically if it was donated it would reduce my cogs sold unit price

You can enter a purchase of the item and use equity investment as the account to pay for it.  Other than that, no there is no other way

View solution in original post

hello32
Level 2

Inventory donated to my company

Thank you

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