Inventory donated to my company

hello32 · ‎May 21, 2020

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

Rustler · ‎May 22, 2020

@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

Rustler · ‎May 22, 2020

@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

hello32 · ‎May 22, 2020

Thank you

Topics

Training

Community

Resources

Inventory donated to my company