Advertise here    

QuickBooks Forums      

Go Back   QuickBooks Forums > QuickBooks Software Support > Premier Nonprofit Edition Forum

Reply
 
Thread Tools Rate Thread Display Modes
  #1  
Old 03-07-2016, 02:20 PM
Donna.treasurer Donna.treasurer is offline
Registered User
 
Join Date: Oct 2015
Posts: 6
Cool Posting In-Kind Inventory

Someone donated some furniture and 2 ShopRite gift cards recently. We have these items in storage for the time being.

What is the best way to post these items into inventory? Then, when we donate these items to needy people, how do we clear these items out of inventory to show as donated goods??

We have the 2016 version of QB non Profit Edition.

Thanks!
Reply With Quote
  #2  
Old 03-08-2016, 06:39 AM
Rustler Rustler is offline
Registered User
 
Join Date: Feb 2008
Location: Texas - The Republic
Posts: 2,304
assuming you have a service item for donations that posts to a donation income account
create if you need to a dummy bank account called intrade

Use a sales receipt, use the donation item for each item donated, enter what it is in the description block and assign a fair market value to the item, save.

Use make deposits and put the FMV from the sales receipt in the dummy intrade bank account

Create the inventory items for what was donated, zero on hand zero value

Create if you need to a dummy vendor called trading.
"Buy" the inventory items from the dummy vendor trading using the dummy intrade bank account as the payment source

the dummy intrade bank account should now be zero, the items are stocked with qty and cost. Sell the items
Reply With Quote
  #3  
Old 03-08-2016, 07:36 AM
Donna.treasurer Donna.treasurer is offline
Registered User
 
Join Date: Oct 2015
Posts: 6
Okay, so I have a Service Item named: In-Kind and an Income Account named: In-Kind Contributions (is this okay?)

I'm okay until I get down to "Create the inventory items for what was donated, zero on hand zero value" Hmmm, not sure I understand how to do this. I will try it on my QB. Can you explain this procedure step by step ?


Thanks
Reply With Quote
  #4  
Old 03-09-2016, 05:36 AM
Rustler Rustler is offline
Registered User
 
Join Date: Feb 2008
Location: Texas - The Republic
Posts: 2,304
Quote:
Originally Posted by Donna.treasurer View Post
Okay, so I have a Service Item named: In-Kind and an Income Account named: In-Kind Contributions (is this okay?)

I'm okay until I get down to "Create the inventory items for what was donated, zero on hand zero value" Hmmm, not sure I understand how to do this. I will try it on my QB. Can you explain this procedure step by step ?


Thanks
in kind contributions is ok for an income account name

In the item list, use the button bottom left and select new, select the item type as inventory. Name it, enter a sales and purchase description, select your sales income account, leave the default expense and asset account as is, save.
Reply With Quote
Reply

Bookmarks
Bookmark and Share
Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 01:29 AM.


 

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.
All contents copyright (c) by AccountingUsers Inc.