Hi,
We are a wholesaling business and from time to time we donate our inventory to charitable organisations. I need to know how I can record the donation as a donation expense and also update the inventory and COGS.
I use the inventory feature in AccountRight.
Hi Sanjeel , if your items are fully inventoried, then you can record inventory adjustments, and allocate them to the donations expense account. That will remove the stock from your inventory. For each adjustment line, put the qty as negative, the unit price will appear, then the amount will calculate as negative. Then choose the donations account.
