Hello everyone,
How is it possible to record an item given as sample or protocol to a client and should never be paid back in cash though no invoice should be issued, but still that item should be deducted from my inventory and shows protocol on my inventory item report and registered as an expense in the company.
Thank you for your help.
You have two choices
a) Inventory Write-Offs - this will put the expense under the COS account.
b) Journals Entries - this will put the expense to any account that you wish to nominate.
Tried both, found the inventory write off much practical since it deals with the quantity and debit the allocatd expenses at its average price value automatically, while using the jounal entry you cant guess the real average price of your protocol you have to calculate them manually and balance the debit and credit columns accordingly.
So helpful! Thank you very much !