Hello, I was wondering if anyone could give me some pointers on how to record a donated product as an expense? I own a door manufacturing business and we donated a door to be sold at a charity auction. I’m just not sure where to record the donation since our inventory on hand is all untracked in the app, we only track our bank accounts.
Hello @silverlinewelding,
Welcome to the forum.
Assuming that you are speaking of Inventory Items being given away, the recommended approach is to use Inventory Write-offs and allocate to Donations account like so:
Thank you for your help. I have now recorded it as a donation, but on the Expenses tab on the Summary page, it still shows $0. How do I enter the value of the donated item to add to the overall less expenses amount?
From items tab click on Recalculate button for posting amount to donations expense.