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Wailele
Level 3

What type of transaction would I record in QB Pro Desktop to show that my company, an LLC, contirbuted a charitable gift of inventory?

 
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Best answer December 16, 2019

Best Answers
AlcaeusF
Moderator

What type of transaction would I record in QB Pro Desktop to show that my company, an LLC, contirbuted a charitable gift of inventory?

Welcome aboard to the Community, @Wailele.

 

You can create an inventory adjustment to record the charitable gift in QuickBooks Desktop.

 

Here's how:

 

  1. In your company file, choose the Inventory menu to choose the Adjust Quantity/Value on Hand option.
  2. On the next page, go to the Adjustment Type section and select Quantity as the reason for updating the product.
  3. Next, enter the correct date and account used to track the inventory adjustment.
  4. Click the Find and select items tab to look for the product.
  5. From the list, mark the box for the goods in question and then hit the Add Selected Itemsto update the quantity. 
  6. Enter the amount by going to the New Quantity column and put some notes in the Memo field.
  7. Hit the Save & Close menu to reflect the changes.

If you're unsure of the account to choose, I recommend consulting an accountant for expert advice. By doing so, we'll be able to ensure your books are accurate and error-free.

 

For additional information about the adjustment process, check out the Adjust your inventory quantity or value in QuickBooks Desktop article. It also contains detailed instructions on how to create a separate account to track changes with the quantity or value.

 

If there’s anything else I can help you further in QuickBooks Desktop, post a comment below. I’m here ready to assist further. Have a good one.

View solution in original post

1 Comment
AlcaeusF
Moderator

What type of transaction would I record in QB Pro Desktop to show that my company, an LLC, contirbuted a charitable gift of inventory?

Welcome aboard to the Community, @Wailele.

 

You can create an inventory adjustment to record the charitable gift in QuickBooks Desktop.

 

Here's how:

 

  1. In your company file, choose the Inventory menu to choose the Adjust Quantity/Value on Hand option.
  2. On the next page, go to the Adjustment Type section and select Quantity as the reason for updating the product.
  3. Next, enter the correct date and account used to track the inventory adjustment.
  4. Click the Find and select items tab to look for the product.
  5. From the list, mark the box for the goods in question and then hit the Add Selected Itemsto update the quantity. 
  6. Enter the amount by going to the New Quantity column and put some notes in the Memo field.
  7. Hit the Save & Close menu to reflect the changes.

If you're unsure of the account to choose, I recommend consulting an accountant for expert advice. By doing so, we'll be able to ensure your books are accurate and error-free.

 

For additional information about the adjustment process, check out the Adjust your inventory quantity or value in QuickBooks Desktop article. It also contains detailed instructions on how to create a separate account to track changes with the quantity or value.

 

If there’s anything else I can help you further in QuickBooks Desktop, post a comment below. I’m here ready to assist further. Have a good one.

View solution in original post

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