QuickBooks Online is a cloud service offered by Intuit. The user can pay the monthly subscription fee rather than an upfront fee and access the software exclusively through a secure login using a Web browser.
If in QuickBooks Online you want to track quantity on hand for inventory items that you are donating or giving away, you can perform some specific instructions to record it provided by the QuickBooks Support Canada.
- Go to your QuickBooks Online software and click the Create (+)> button.
- Select Sales receipt and create a sales receipt for the item.
- Using the drop-down arrow in the Product/Service choose the product/service you are donating.
- Now you must change the Rate of the chosen product/service to zero so that the total of the sales receipt is also zero.
- Choose the option of Deposit To, at the bottom of the sales receipt and select your bank account. So by doing this, a zero dollar transaction will be created in your bank register that you can reconcile at any time.
- Hit the Save button now.
Besides the account for the original cost of the product/service(s) chosen, create a journal entry to move the cost out of the Cost of Goods Sold/Cost of Sales account and into the appropriate expense account.
Create a Journal entry:
- Go to the Create (+)> icon and select Journal Entry.
- Select the expense account used to track the charitable contributions in the Accounts section.
- In the Debit field, provide the cost of the product/service.
- Click the drop-down arrow on the next line and choose the COGS to account for the donation.
- Now the Create field will be populated by the cost of the product/service mentioned n the field above.
- Lastly, hit the Save button to save the made changes.
Hope you have successfully tracked all the donated inventories. If still, you need further information or details regarding this article or any other issue you can seek the help of our techies. Just make a call to QuickBooks Technical Support Number 1-855-687-3777 and get the best possible solutions to your problems. Our team will assist you with the latest technology in a friendly manner. To connect and get instant help.