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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.