USA How to record free office supplies


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Our vendor offered free supplies since that was our first order with them. How to record such free supplies in our book?
 
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Hi Spring2022

Assuming this gift came from a domestic vendor and was not absolutely huge, you would "record" the supplies at the cost you paid for them, which is zero. So meaning nothing is recorded.

Regards

Kat
 
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Hello.
I'd still record the purchase so you have a record of it one of two ways:
1> post the full price, then post a credit (negative amount) noting it was a "first purchase incentive" or whatever you'd like to call it You meet cost will be zero and you have a record of details.

OR...
2>Post the purchase with a $0 cost.
Personally i prefer option 1.
It shows all the activity and also gives the correct net result.

Hope this is helpful.

Michele Hunnewell
BizPro Financial
 

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