expense voucher

WaSa · ‎May 25, 2024

Hello, we need to get products for customers as free samples. Are we supposed to add them as an invoice? Or expense voucher? and what is the different between them?

LollyNino_C · ‎May 25, 2024

I appreciate you for coming back to the thread to add extra clarification about your concern, @WaSa.

Yes, you need to create invoice to them and then settled through the Promotional Expense account. You’ll have to set up the products (inventory) and then create an expense account to efficiently track the transactions in QBO. This process will help adjust your inventory and move the Cost of Goods to the expense account

After that, you can run a Profit and Loss report on an Accrual basis to use in the next process. You can open this article to see the steps on how to perform the process: Write off inventory items given as promotional samples. This also provides instructions on how to finish the procedure in write off inventory items.

Most importantly, I recommend seeking help from your accountant. This way, they can guide you on which appropriate account to use. If you don't have an accountant, you can find one through this link: Find an Accountant.

Additionally, the following article will guide you about monitoring products. It also contains a video for visual reference: Set up and track your inventory.

Come back to this post if you have other concerns or follow-up questions about managing inventory in QuickBooks Online. I'll be around to provide further assistance. Have a good one!

View solution in original post

ArielI · ‎May 25, 2024

It's best to add them to your invoice, @WaSa. I’ll help you handle this.

Invoice voucher is used for sales transactions, tracking revenue, and customer billing. While expense voucher is used for purchasing and cost tracking, recording company expenses.

First off, before you add them to the invoice, you'll need to create an expense account to track them, here's how:

Go to Settings and select Chart of accounts.
Select New.
From the Account Type dropdown, select Expenses.
From the Detail Type dropdown, select Advertising/Promotional.
Enter the name (ex. Promotional/Samples-Not for Sale).
Select Save and Close.

Then, you can create an invoice for the item, you can follow these steps:

Select + New.
Select Invoice and complete the fields.
Select Save and close.

Furthermore, follow the next steps in this article to adjust your inventory and move the Cost of Goods to a Promotional Expense account: Write off inventory items given as promotional samples in QuickBooks Online.

In addition, let's keep up with our backorders. In QBO, we can reorder supplies from vendors and track them as they arrive to keep your inventory up to date.

Don't hesitate to let me know if there's anything else you need help with managing your invoices in QuickBooks Online (QBO). I'm here to help anytime.

WaSa · ‎May 25, 2024

Thank you for the clarification.

Let me confirm: when providing a product to a customer, should it be added as an invoice to them and then settled through the Promotional Expense account? Should the sequence be like this?

regards.

LollyNino_C · ‎May 25, 2024

I appreciate you for coming back to the thread to add extra clarification about your concern, @WaSa.

Yes, you need to create invoice to them and then settled through the Promotional Expense account. You’ll have to set up the products (inventory) and then create an expense account to efficiently track the transactions in QBO. This process will help adjust your inventory and move the Cost of Goods to the expense account

After that, you can run a Profit and Loss report on an Accrual basis to use in the next process. You can open this article to see the steps on how to perform the process: Write off inventory items given as promotional samples. This also provides instructions on how to finish the procedure in write off inventory items.

Most importantly, I recommend seeking help from your accountant. This way, they can guide you on which appropriate account to use. If you don't have an accountant, you can find one through this link: Find an Accountant.

Additionally, the following article will guide you about monitoring products. It also contains a video for visual reference: Set up and track your inventory.

Come back to this post if you have other concerns or follow-up questions about managing inventory in QuickBooks Online. I'll be around to provide further assistance. Have a good one!

WaSa · ‎May 25, 2024

Thanks all for help

LollyNino_C · ‎May 25, 2024

Thanks for the update, @WaSa.

You're most welcome. We're glad to hear that the steps have helped with your issue. Please know that the QuickBooks Community will always be around to lend you a hand any time you need guidance. We want to ensure our users are on top of their business.

If there's anything else we can assist you with, please feel free to visit the Community. I'll be one message away if you need anything else. I wish you a prosperous rest of the year! Have a great day and keep safe!