To handle section 1 product used as demonstrators, products being donated, lost, expired, or other similar business-related situations, we recommend creating a profile called Business Supplies to invoice and remove them from inventory. Invoices that are coded with the sale type of Business Supplies will also prompt for an expense category that Boulevard will automatically create for you. Only one profile needs to be created to handle all situations for multiple tax years.
Note: The steps below should only be used for section 1 items. Section 2 items are tracked and expensed through the Product Purchases report (See Close Year-End & Run Tax Reports for more information).
Step 1: Create a Business Supplies Profile
- Create a customer profile called Business Supplies.
- From the profile toolbar select Utilities, then Settings. View
- Under the Discount Type drop-down list select Business Supplies (this will set the Invoice Followup to 0 days, Email Invoice to No, and the Discount to 50% which can be adjusted).
- Under Options, check to Exclude from Dashboard.
- Click OK to close Profile Settings (if prompted to save, click Yes).
- Click Save then close the profile.
When you invoice the business supplies profile for section 1 demos, donations, lost, damaged, or expired product it is similar to invoicing for personal use except that an expense entry is added when you select an Expense Category.
Step 2: Invoice & Add the Expense
- Create a new invoice for the items under the Business Supplies profile.
- Under the Details tab, click to the left of the Cash/Check field to mark the invoice as paid-in-full. View
- For additional information, enter a short description in the Memo field (such as Demo, Expired, or Charity).
- Click the Discount tab. Under the Discount Type section select the appropriate category from the Expense Category drop-down list (use suggestions below or seek the advice from your tax professional). View
- When finished, click OK .
- Supplies (COG): Items used as section 1 demonstrators
- Gifts: Items for an event not tied to a specific recipient
- Advertising: Items used as a giveaway to obtain leads
- Charity: Items donated to a shelter or other charitable organization
- Expired/Lost: Product that is past its prime, and being thrown out (To view a list of expiring items, go to the Business Tools menu, select Reports. Under the Inventory section, select Expiring Product Listing report). Another use for this category would be products lost or damaged in shipment to a customer.
View Previously Created Business Supplies Invoices
By invoicing your business supply situations using the steps above, all of the transactions will be grouped together, and easily accessible under Sales Transactions. View
- From the Business Tools menu, click on Sales Transactions (or from Reports - Tools group on the main toolbar, click Invoices).
- Under the View drop-down, select Invoices by Discount Type.
- In the Filter sidebar, select the appropriate Date Range.
- From the Invoice Type drop-down, choose Business Supplies.
- To select and print the invoices individually, select the checkbox header, then click and choose Print from the options listed.