Can items purchased over the last several years be entered into COGS section under "Purchases" for new startup business?
My wife is starting a business that deals with making jewelry and other
crafts. She purchased beads and other items used to make the final
products over the past several years. Can this "raw material" be entered
in the COGS section under "Purchases"? Does this include items
purchased in prior years before the business was officially formed?
01680
1 Best answer
CherylW
Level 3
Jun 1, 2019 12:03:25 PM
Purchases is generally only what you paid for this year.
If this is her first year in business, though, she can put the purchases into Cost of Purchases.
1 Replies
CherylW
Level 3
Jun 1, 2019 12:03:25 PM
Purchases is generally only what you paid for this year.
If this is her first year in business, though, she can put the purchases into Cost of Purchases.