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LoneStar3
August 19, 2022
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How do I process items that I "Store Use" from my inventory correctly?

  • August 19, 2022
  • 1 reply
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I've had to use some products from my inventory for my business use and am wondering what the proper way to process that in Quickbooks would be? As of now, I'm thinking of doing a typical invoice to myself and then on the payment page giving a 100% discount under an expense account for each invoice. Basically to help me keep a track of all the product I've pulled throughout the year and also show totals. Will this method be okay to use, or should I be doing it a different way?

Best answer by BigRedConsulting

A better way might be an inventory adjustment transaction. It's default behavior is likely more appropriate, as it doesn't create any income to discount. You can use an appropriate account to expense it away, as if you'd purchased it for use at retail, and also add a memo describing the case.

 

The resulting simple transaction will reduce inventory quantity and value and increase the expense account you pick, all based on the initial cost of the item:

 

1 reply

BigRedConsulting
BigRedConsultingAnswer
August 19, 2022

A better way might be an inventory adjustment transaction. It's default behavior is likely more appropriate, as it doesn't create any income to discount. You can use an appropriate account to expense it away, as if you'd purchased it for use at retail, and also add a memo describing the case.

 

The resulting simple transaction will reduce inventory quantity and value and increase the expense account you pick, all based on the initial cost of the item:

 

    L
    LoneStar3Author
    August 26, 2022

    That sounds like a better route. Thank you!

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