You can create a special profile set specifically to invoice retail items taken from your inventory for personal use. When handling personal use in the method shown below, purchases will still appear on the Gross Receipts report and will have the offsetting discount so that your net sales are correct while showing no profit made on the items. You can choose to filter and omit personal use or, alternately, filter and retrieve information for personal use only.
- Create a profile on the customer list to handle items taken for your personal use.
- From the profile toolbar, select Settings (in Utilities).
- From the Discount Type drop-down options, select Personal Use (or Own Use if you live in Canada), then under Options, check to Exclude from Dashboard.
- Click OK to accept and close the form, then Yes to save the profile settings.
When you need to take items from your inventory, create a new invoice each time under your personal use profile. The invoice Sale and Discount types will automatically default to Personal Use (or Own Use), and the discount Percent will be set to what you have specified under your personal use contact profile.
Note: We don't recommend creating just one invoice at the end of the year (or editing the same invoice) with all items used throughout the year. For more accurate record-keeping for tax purposes, create new invoices as you remove items from inventory for personal use.
By invoicing your personal use situations using the recommended steps shown, all of the invoices will be grouped and easily accessible on the Gross Receipts report or can be printed separately. See Filter Invoices by Name, Invoice, or Discount Type for detailed steps.
We recommend that you check with your local taxing authority to ensure your business is handling each tax situation appropriately for your business.