Is there a way to adjust inventory due to donations of items?

jschersand — Thu, 05 Apr 2018 15:16:53 GMT

I donated items for a charity. I need to adjust my inventory for this donation and would like to be able to note that the inventory change was due to a donation. I can't find a way to do this. There doesn't appear to be an "other" option under reasons for the inventory reduction where I could note that I donated these items. Anyone know how I could adjust inventory and be able to go back and know that it was a donation? Thank you.

Re: Is there a way to adjust inventory due to donations of items?

ACAcatering — Fri, 06 Apr 2018 01:53:42 GMT

This probably isn't the answer that you were looking for, but here goes. Did you receive a receipt from a qualifying charitable entity? I ask because technically that should be your note on record for your tax return. If it's not for such an entity, then it doesn't qualify for a donation, but will show at the end of the year. I wrote the following in another thread:
"Because you aren't "technically" giving any form of monetary donation, there isn't anything to write off. You are basically giving your goods and services which works itself into your tax return because you aren't taking a payment for said goods and services. For example, say you purchase your goods to sell, don't take any money for those goods, but donate them instead. You still spent the money, but you get nothing back for it. That number will come out of your gross income at the end of the year. Generally, you will owe Uncle Sam a little less."

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Is there a way to adjust inventory due to donations of items?

Re: Is there a way to adjust inventory due to donations of items?