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Tracking donations of inventory items

  1. Using a sales receipt, enter the sale of the inventory items for a $0.00 amount.

    Enter the name of the charity as the customer:job.

  2. Save and record the sales receipt.

  3. Find the sales receipt and press Ctrl-Y.

    QuickBooks displays a transaction journal report showing the cost of goods sold for the inventory items (the amount debited from the Cost of Goods Sold account). You will use this amount as the value of your donation.

  4. Assign the donation to your Charitable Contributions account by entering a general journal transaction.

    Using the value of the donation, debit the Charitable Contributions account and credit the Cost of Goods Sold account. In the following example, $200 of inventory is debited from the Charitable Contributions account and credited to the Cost of Goods Sold account.

Debit

Credit

Charitable Contributions

$200

Cost of Goods Sold

$200

See also

KB ID# H_V_CHARITABLE_DONATIONS_INVENTORY
12/8/2016 5:58:08 PM
QYPPRDQBKSWS09 9138 Pro 2017 257ac9