Track products loaned to or borrowed from someone by creating a new invoice for each transaction. Separate invoices help keep inventory counts and tax records accurate whether items are added, removed, paid, credited, or left with a balance.
Note: We do not recommend editing existing invoices to maintain a running total. Instead, we recommend creating a new invoice for each transaction.
Steps:
Create a New Invoice for each Transaction
Create the Contact Profile
Create a contact profile for the person you are loaning or borrowing products to or from. If the contact is someone you give a wholesale trade discount to, set their default discount when creating their profile before continuing.
Tip: Create a Custom Discount Type if you'd like the discount to be specially labeled on the invoice.
Create a New Invoice for each Transaction
To keep accurate records, create a new invoice whenever a product is added or removed from your inventory.
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Create a New Invoice with the current date and add items to the invoice (if you do not want the sales information included in the Gross Receipts or Sales Summary by Date reports, select the Bill To option for the invoice Sale type).
- If an item is removed from your inventory, keep the Type of sale set as Sale.
- If an item is being added to your inventory, change the Type of sale to Return Inventory.
- If there is a price variance, the New Balance will carry forward to the next new invoice. If you do not want to carry a balance or credit, enter the amount in the applicable payment field (Cash/Check or Credit Card), and add a short note in the Memo field (E.g., Paid Marney the difference - Ch#1234).
- Select if you'd like to Print or Email the invoice, then click
when finished.
Tip: If you are paying the other individual for the price variance, create an expense entry for the amount you are paying.