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    1 Reply Latest reply on May 26, 2010 10:06 PM by TAXTERMINATOR

    POS 2007 Quickbooks question

    Brooklynn35 Newbie
      I have the 2007 version of pos quickbooks.. I am donating some shoes which means I need to take them out of the inventory but I want to make sure I am getting credit on accounting side of quickbooks when I remove those items from the physical inventory list. My question is do I need to do a memo? and if so which one the cost memo or the inventory memo ....It says in help you must put it under charity but it doesnt say to do both or one?
        • Re: POS 2007 Quickbooks question
          TAXTERMINATOR Newbie
          You may have a deduction on your tax return and and expense in your financial statements for the fair market value of the shoes at the date of the donation. If they are "obsolete" you really should adjust the value first. However, I assume you are just being generous so here is how you enter the transaction in QuickBooks. The expense account used will be "contributions or charity". Hope this helps you!!!
          • 1. Go to the Vendors menu, click Inventory Activities, and then click Adjust Quantity/Value on Hand.
          • 2. Click the Adjustment Account drop-down arrow and then click the account where you want to track inventory adjustments.

          3. (Optional) If you want to assign this adjustment to a customer or job, click the Customer:Job drop-down arrow and then click a customer or job.

          • 4. (Optional) If you use* class tracking* , click the Class drop-down arrow and then click a class.
          • 5. In the New Qty column, enter the correct quantity.

          6. (Optional) Enter a memo in the Memo field to remind yourself later why you made this quantity adjustment.

          • 7. Save the adjustment.