Quicken & Other Budget/Accounting Software/Inventory write off

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Question
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.

Answer
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.

Karin

Quicken & Other Budget/Accounting Software

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Karin Hostetler

Expertise

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

Experience

I have worked with Quickbooks® since version 1, and have had a tip published on the Intuit website. I work exclusively with small business owners in setting up Quickbooks®, giving on-going support to tweak the reports, resolving data issues and correcting problems. I offer monthly, quarterly and yearly tune-ups to prepare the clients data for presentation to their CPA at year end.

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Intuit Pro-connection

Education/Credentials
I have a degree in Administration and Management with 20 years of hands on business experience in many fields

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