Donations of Stock

▪Add the stock to a job where Cust# is the recipient of the donation.

▪Ensure that Tax Paid is unticked in the header of the job.

▪Adjust the sell price to equal the current COGS for the stock in question.

▪Change default tax code on sell from G to X (exclude from overall sales reported in BAS).

▪Invoice the job.

Now your recipient becomes a Debtor. To move the stock COGS to the expense ledger:

▪Open your recipient debtor record.

▪Record a debtor adjustment down against the appropriate expense code (typically 6-XXXX or 1-XXXX for Assets).

▪Make sure tax code on adjustment is also X.

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▪Save.

The adjustment down will create a credit that should now be applied to the original invoice.

To apply the credit:

▪Edit the debtor.

▪Select Payment By: Credit.

▪Choose the credit you just created.

▪Apply in the Paid Now column to clear the Invoice.

▪Save and Close.

You can use the Stock Adjust Down function to remove the stock from the current stock on hand count, then use a general journal to move the $ total to expenses.

▪Add a stock adjustment.

▪Select QTY - and the correct stock code to reflect which product(s) was used.

▪Finish the stock adjustment.

 
This stock adjustment down (debit) will move the stock $COGS into the 5-XXXX Stock Adjustment account in your General Ledger.

It then needs to be journalled to the correct expense account/s.

You have the choice at this point to allocate to specific branch, sub-branch or GL departments.

▪Add a General Journal.

▪Select the 5-XXXX Stock Adjustment Account.

▪Enter the total in the Credit column (credit back the Stock Adjustment account) tax code X.

▪Select the 6-XXXX Expense Account.

▪Enter the total in the Debit column (debit the Expense account instead) tax code X.