How do I record a owner's non-cash contribution in the form of inventory

Let me handle your concern today, idc_shopping.

Service donation like non-cash contributions is recorded by following the steps below in order.

First, create an invoice for the products or services you donated. Do this by Clicking the +New icon and choose Invoice.

The next step is to create an account for charitable contributions.

Here's how:

1. Go to Settings.
2. Select Chart of Accounts.
3. Select New.
4. In the Account dialog, select Expenses from the Account Type drop-down list.
5. Select Charitable Contributions from the Detail Type drop-down list.
6. Enter a Name for the account (for example, Charitable Contributions).
7. Click Save and Close.

After that, create a product/service item called Charitable Contributions. You can refer to the same steps previously mentioned. Just make sure to use the correct Product/Service information. Then, issue a credit memo to the customer.

For the final step, verify the credit memo was applied to the invoice.

Here's ho:

1. Select Sales, then choose Customers.
2. Click the customer you donated the product or service to from the list.
3. On the Transaction List tab, confirm that the Invoice transaction you created at the beginning of the process has a Status of Paid.
4. Confirm that the Credit Memo transaction you created is noted as Closed in the Status column.
5. Confirm that a new Payment transaction is listed, with $0.00 listed in the Total column, and Closed noted in the Status column.

Refer to this article for more details on how to record inventory contributions in QBO: How to record donations or charitable contributions.

Here's an article for available reports that will help you see the product cost, the product on hand, and more: Use reports to see your sales and inventory status.

To give more information about managing inventory in QuickBooks Online, check out this article: Inventory management.

Any additional questions about recording the owner's non-cash contribution or QuickBooks can be answered in the Community. I'm always here to help.