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FP98
May 17, 2022
Solved

Issues Write off inventory for promotional samples

  • May 17, 2022
  • 2 replies
  • 0 views

Hi,

 

I gave a customer a few free samples from my inventory. I followed all the instructions in this link:

https://quickbooks.intuit.com/learn-support/en-us/help-article/physical-inventory/write-inventory-items-given-promotional-samples/L6I0QUa94_US_en_US?uid=l3akwk4p

which was supper helpful! However when running the profit and lost report mine showed my net operating income and net income as -$15.30 instead of 0.

 

The total expense for these goods were $15.30.

 

What am I doing wrong?

Best answer by MaryLandT

Allow me to step in and check why there's a -$15.30 on the Net Operating Income and Net Income, FP98.

 

You can click the -$15.30 on the Profit and Loss report to see where the amount is coming from. After clicking the amount, it will open the Profit and Loss Detail report. 

 

Please see the sample screenshots below.

 

 

From there, you'll see how QuickBooks calculated the amount that appears on the Net Operating Income and Net Income section. The negative amount shows that there are expenses in that period.

 

I suggest discussing this with your accountant before writing off inventory items given as promotional samples. This is to make sure you the amounts on your reports are accurate and your books have correct records.

 

I'm adding these articles to learn how QuickBooks handles your inventory.

 

 

Stay in touch with me you have additional questions about the amounts showing up on your Profit and Loss report. I'll be right here to guide you.

2 replies

M
MadelynC
May 17, 2022

As long as the instructions on the article are followed, the net operation income and net income should be zero, @FP98. Let me provide information to get your inventory for promotional samples issue resolved.

 

Cached data might be the reason why the net operating income and net income didn’t result in zero. Please know that once the browser's cached files have issues, QuickBooks functionalities may get affected. You can perform some troubleshooting steps to get this fixed.

 

First, open your QuickBooks Online account in a private or incognito window for testing. Refer to the shortcut keys below for quick navigation:

 

  • Google Chrome: Ctrl + Shift + N
  • Safari 11 or newer: ⌘ + Shift + N
  • Mozilla Firefox: Ctrl + Shift + P
  • Microsoft Edge: Ctrl + Shift + P

 

Once logged in, review the recorded entries and then run the Profit and Loss report again. If the figure is now zero, get back to your main browser and clear its cache. Doing this helps the program run smoothly. You can also utilize other supported browsers as an alternative.

Here are some screenshots for your visual reference:



 

I’ve attached a reference in case you want to keep the same report settings for future use: Memorize reports in QuickBooks Online. It helps you access the information quickly to save time.

 

If you have any other questions or concerns besides promotional samples, just let me know. I’ll be here. Have a good one!

F
FP98Author
May 18, 2022

Still showing up as negative $15.30 (full invoice was for 21.98 which is what I wrote off)

 

But I am just thinking - why would I want it to result in zero net income. Isn't a negative 15.30 make sense in my net income if I took it out of inventory? It did cost me 15.30 which is a loss...

 

What am i missing?

 

Any help appreciated! thank you!

MaryLandT
MaryLandTAnswer
May 18, 2022

Allow me to step in and check why there's a -$15.30 on the Net Operating Income and Net Income, FP98.

 

You can click the -$15.30 on the Profit and Loss report to see where the amount is coming from. After clicking the amount, it will open the Profit and Loss Detail report. 

 

Please see the sample screenshots below.

 

 

From there, you'll see how QuickBooks calculated the amount that appears on the Net Operating Income and Net Income section. The negative amount shows that there are expenses in that period.

 

I suggest discussing this with your accountant before writing off inventory items given as promotional samples. This is to make sure you the amounts on your reports are accurate and your books have correct records.

 

I'm adding these articles to learn how QuickBooks handles your inventory.

 

 

Stay in touch with me you have additional questions about the amounts showing up on your Profit and Loss report. I'll be right here to guide you.

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