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Level 1

Promotional Write off Journal Entry

Screen Shot 2020-11-01 at 8.33.17 PM.png Looking for some clarification regarding writing off inventory as a promotional sample. I followed the steps given in another post in here from QuickBooks, but have a different end result in my profit and loss report then the one they showed. Can someone tell me if this is the correct end result after creating an Invoice and then creating a journal entry to write off the sale and record it as a promotional expense?

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QuickBooks Team

Promotional Write off Journal Entry

Hello there, @Dvorak24.

 

When creating a journal entry, we need to make sure that the income/sales account used is the same as the income account of the sample product. Also, the amount will be the same as the invoice's sales amount.

 

To check, we can go to the invoice where the sample is created. Then, go to Transaction Journal.

 

You can refer to this resource for guidance with running financial reports and getting the details you need. It also has report features you may use moving forward: Run reports in QuickBooks Online.

 

Get back to me if there’s anything else I can help you with. I’ll be more than happy to assist you. Have a great day.

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Level 1

Promotional Write off Journal Entry

Hi Maybelle, 

 

I have now corrected the sales account in the journal entry to match the invoice.

 

My next question is regarding the cost of goods sold entry. Should there not be a negative amount of $ 282.69 for this transaction? Please see attached screen shot. Thanks.Screen Shot 2020-11-01 at 9.35.11 PM.png

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