Our company purchased some patio items directly from manufacturers to be used at marketing events as special give-away items, but instead of using all of them for marketing, we let employees buy a couple of the items at our cost - no markup at all, just as a straight pass thru to them (less than 1/2 the price of retail)
Because these items were going to be used for marketing, we recorded the purchase as "general marketing expense"; no inventory items were set up.
To record the payment receipt from an employee for an item, we chose to NOT create an invoice because we don't want to skew our sales records, and we do want to correctly reflect our true general marketing spend.
So in QuickBooks, we selected "make deposits" under the "banking" menu, put the employee name in the "received from" field, and selected "general marketing expense" for the "from account" field. Is this the best way to record this transaction?
Because these items were going to be used for marketing, we recorded the purchase as "general marketing expense"; no inventory items were set up.
To record the payment receipt from an employee for an item, we chose to NOT create an invoice because we don't want to skew our sales records, and we do want to correctly reflect our true general marketing spend.
So in QuickBooks, we selected "make deposits" under the "banking" menu, put the employee name in the "received from" field, and selected "general marketing expense" for the "from account" field. Is this the best way to record this transaction?
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