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Handling Demos, Donations, & Expired Product

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You can create a special profile set specifically to invoice retail items taken from your inventory for the following business-related situations: section 1 product (or retail product) used as a demo, products being donated, lost, expired, or other similar situations. We also recommend that you check with your local taxing authority to ensure your business is handling each tax situation appropriately for your business.

Note:

  • Only one profile needs to be created to handle the situations described above. Each invoice can be assigned to a specific expense category and grouped separately as well as the date.
  • The steps below should only be used for retail items (section 1). The amount spent on business supplies and samples (section 2) is tracked on the Inventory Purchases report.

Step 1: Create a Business Supplies Profile

  1. Create a New Contact Profile named Business Supplies.
  2. From the contact toolbar, click Settingsto open the Profile Settings screen.
  3. Under the Sales Settings section, from the Discount Type drop-down click Drop Down Optionsand select Business Supplies from the options listed (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 to 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 Settings

Step 2: Invoice & Add the Expense Entry

When you invoice the business supplies profile for section 1 demos, donations, lost, damaged, or expired product it is similar to invoicing for personal use except that there is one additional step which is adding an expense entry.  This allows you to categorize the expense without double deducting when reporting for tax purposes.

  1. Create a New Invoice under the Business Supplies profile (only add items that will be expensed to the same category for each invoice).
  2. After adding the items to the invoice, 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.
  3. For future reference, enter a short description as to why the items are being invoiced in the Memo field (the memo is displayed on the Account & Invoices tab of the profile).
  4. Click the Discount tab. Under the Discount Type section select the appropriate category from the Expense Category drop-down options listed (use suggestions below or seek advice from your tax professional). 
  5. If desired, choose to either Email or Print the invoice. Invoices can also be printed or emailed from the Invoice Log.
  6. ClickSave to save and close the invoice.

Suggested Categories

For more information on categories, see Expense Categories.

  • 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: Items that were lost or damaged in shipment, or are expired and have exceeded their maximum shelf-life.

View Business Supplies Invoices

By invoicing your business supplies situations using the steps above, all of the 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 Invoice Log 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.

Additional Information: