If you are the business of selling products or services, chances are you have been asked to donate to a fund-raising event. Should you decide to donate one or more of your store's products, you will want to make sure you book this in Vend correctly! Not doing so will result in a higher Cost of Sales amount and percentage.
How to Begin...
When you have identified the product(s) you wish to give away, your first step is to remove them from inventory. To do this, from the menu in Vend, select Products (1) and then Stock Control (2).
Click the Inventory Count button...
....then click the New Inventory Count button
You will see the following screen. If you have more than one outlet, you will need to choose the outlet or store donating the products. Select the Partial Count radio button (1) as you only want to count the products that you will be donating. Use the Partial Count list (2) to select the specific product(s) you wish to donate.
To help track these donated items, nin the Count Name field, name your count with some sort of identifier, as below. Including the name of the organization to which you are donating might be a great idea!
Now you are going to count the items in stock, removing whatever it is you are going to donate. In the example, below, we have taken one Coffee (Demo) out of the count to donate. Enter the adjusted total in the feld to the right of the Count button (1) -- click the Count button and then click the Review Count button.
Clicking the Review Count button will bring up the following screen, providing you details of the count discrepancy (for the items you are removing to donate). Clicking the Complete button and then the Submit button will allow Vend to update your inventory levels and will give you the option of printing a report for your files. Within Vend, this action will create a loss which is great as it removes the item from your Cost of Sales.
If you are using Xero as your accounting program, you need only Edit the invoice exported from Vend to reflect "Donations to Others" (or whatever account you use) and your accounting records will be updated accordingly.
Please sign in to leave a comment.