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Handle Demos, Donations, or Expired/Product Loss

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To manage retail items pulled from your inventory as demos, donations, lost or expired goods, and other related business situations, it is recommended that you create a unique profile called Business Supplies. Use this profile to invoice and deduct items from stock. When you mark an invoice as Business Supplies, you will be prompted to choose an expense category. After selecting and saving the category, the system will automatically record the entry, ensuring that your tax reports accurately reflect the item's removal from inventory as an expense.

Purchases will appear on the Gross Receipts report when handling items for the previously mentioned business-related situations using the method shown below. However, they will have an offsetting discount so that your net sales are correct while showing no profit received on the items. You can filter and omit Business Supplies or only filter and retrieve information for those invoices.

Note: The steps below should only be used for retail items. The Inventory Purchases report tracks the amount spent on business supplies and samples (section 2).

Only one profile needs to be created for all business-related situations mentioned above for multiple tax years. Each invoice can be assigned to a specific expense category and grouped separately and by date. Only invoices and expense entries within the date range set will be included when running tax reports. If you do not have a contact profile created for Business Supplies, follow the steps below.

  1. Create a New Contact Profile named Business Supplies.
  2. From the toolbar, click Settingsto open the Profile Settings screen.
  3. In the Sales Settings slideout, under the Discount section, select Business Supplies from the options listed in the Default drop-down (this will set the Invoice Followup to 0 days, Email Invoice to No, and the Discount to 50%, which can be adjusted).
  4. Under the Options section, select Exclude from Dashboard (this will exclude your business supplies from being included in your Dashboard statistics). 
  5. Click Saveto save and close Profile Settings.
  6. From the profile toolbar, click Saveto save and close the profile.

Business Supplies Profile

When creating a Business Supplies invoice, you will be prompted to select an Expense Category for invoiced items. Once saved, an entry is then added to your expenses.

  1. Create a New Invoice under the Business Supplies profile (Sale type should be set as Business Supplies).
  2. ClickAddto add items that will be expensed under the same category.
  3. Under the Details tab on the bottom of the invoice, mark the invoice paid-in-full by clickingPaid-in-Fullto the right of the Cash/Check field.
  4. For additional information, enter a short description in the Memo field (such as Demo, Expired, or Charity).
  5. Click the Discount tab. Under the Discount Type section, select the appropriate category from the Expense Category drop-down options (use the suggestions below or seek advice from your tax professional). 
  6. You can choose to Email or Print the invoice. Invoices can also be printed or emailed from the Invoice Log.
  7. ClickSave to save and close the invoice. Repeat the steps above to create additional invoices for items expensed under other categories.

Business Supplies Invoice

Suggested Categories:

For more information on categories or to create a new one, see Expense Categories.

  • Supplies (COG): Retail items used as demos
  • Gifts: Items where the recipient is not known
  • Advertising: Items used as a giveaway to gather leads
  • Charity: Items donated to a shelter or other organization
  • Expired/Lost: Product that is past its prime and being thrown out (See Track Product Expiration Dates for more information). Another use for this category would be products lost or damaged in shipment to a customer.

By invoicing your business supplies situations using the steps above, all transactions will be grouped together and included on the Gross Receipts report for tax purposes. Individual invoices can also be easily accessible under the Invoice Log.

  1. From the sidebar navigation, clickBusiness ToolsBusiness Tools, then Invoice Log.
  2. From the toolbar, click Filter then select Filter from the options listed to open the Filter slideout.
  3. Under the Date Range drop-down, select a pre-defined date range from the options listed or choose Custom to enter a custom range.
  4. Under the Invoice Type drop-down, select Business Supplies from the options listed.
  5. To print the invoices show in a tabular format, from the toolbar, click Printthen select Print. From the print preview toolbar, click Print .
  6. When finished, clickFilter then select Clear Filter to remove any filters set. 

Tips:

  • To add or remove columns, clickColumn Chooserand select Column Chooser. Select Reset to return the view to the default layout.
  • Only one invoice can be printed at a time. To print an invoice, select the checkbox next to the invoice. Click Print, then select Print. From the print preview form, click Print to print, or click Export to to export and save as another file type, such as PDF.

Invoice Log: Personal Use

Additional Information: