Quicken & Other Budget/Accounting Software/Inventory write off


I own/operate a bicycle repair shop. In Quickbooks, how do I properly write off the inventory that I have used for my personal use?
I could write up a sales receipt but, figured there was a better way.
For example,I have used tires, tubes etc. from my business inventory to fix my kids bicycles.

Hi Ben,
You are right, you do not want to write a sales receipt.  You would do an inventory adjustment, and the adjustment account would be owner draws (or whatever the name of your equity account is). This would remove the items from inventory without adding to your income.
Hope this helps.


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Karin Hostetler


I am a certifed member of QuickBooks® Professional Advisor group and can answer questions on Quickbooks® Basic and Pro, all versions through 2011. I do onsite, telephone and online consulting through my website at: http://www.karinhconsulting.com Have a complicated issue that you can't put into one question? Consider a one time FREE 60 minute phone consultation. (724) 557-4652


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