Journal Entries
We gave 150 rubber ducks to a company for a make-a-wish fund raiser. How would I make a journal entry for this?
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Cidmoore
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09/25/09 11:02am PDT
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If you are using POS, set the company up as a customer, choose the 150 rubber duckies as the item being sold (I assume that they are an inventory item for you) and sell them to the customer for a sales price of zero. That will take them out of inventory properly and do all of the behind the scenes stuff that the program is supposed to do for you. Once you do the data transfer, you will need to do a journal entry on the financial side that credits the COGS account for the cost of the rubber duckies and debits the contributions account for the same amount. You can put the customer name on the journal entry line and fill in the memo so you have the info in your financial reports when it comes time to do your tax returns.
