Recording Donations of Inventory Items in QuickBooks

Recording Donations of Inventory Items is not as easy as Recording Cash Donations in QuickBooks. THere are additional steps to be done.





First, enter the the sale of inventory with zero amount on the Sales Receipt and put the name of Charitable Institution as the customer. Click save to record the sales receipt.


Second, Search the Sales Receipt by clicking Seach Icon from QuickBooks header icons. After finding the Sales Receipt then you need to create a Journal entry to record the amount equivalent to Cost of Goods Sold. Example:
                  DR Charitable Contribution 100.00 
                           CR Cost of Goods Sold 100.00

Lastly, hit Save and close to record the transaction.


See previous post regarding Donations.