How to Record a Deposit and Remove Sold Merchandise from Inventory
In this guide, we will walk through the process of recording a deposit and removing sold merchandise from inventory. This is particularly useful if you have a situation like a meat raffle where not everyone showed up, and you have extra meat that was sold.
Steps to Record a Deposit and Remove Merchandise
Enter the Deposit:
Go to the Banking section.
Select Other Deposits.
Click on the Merchandise Sold tab.
Follow Minnesota GCB Rules:
Ensure that merchandise sold is for the same amount as what was paid when purchased.
In this example, each merchandise item was $20.
Select and Apply Sold Merchandise:
List the leftover merchandise by selecting the appropriate tab.
Ensure the correct premise is displayed.
Select the prizes that were sold.
Click Apply and choose the appropriate date of the deposit.
Save the Deposit:
Once all rows are applied, click Save.
The $100 deposit will now be in the bank register.
Verify Inventory Update:
Navigate back to the dashboard.
Go to the Merchandise Prize Reconciliation box.
Confirm that the merchandise is no longer showing as on hand or in inventory.
By following these steps, you have successfully learned how to properly enter the deposit for merchandise that was sold rather than awarded.