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Level 2
posted Apr 12, 2022 5:24:09 AM

I paid shipping & taxes on most of my inventory purchased for resale. Where do those figures go inside TT Home & Biz?

Inventory / Cost of goods sold. I have been adding the cost of the inventory plus the shipping. I hope that right however where does the tax go that I paid on my inventory?

 

Thanks

0 2 1550
1 Best answer
Expert Alumni
Apr 12, 2022 5:33:28 AM

Yes, you are doing that correctly.  Include the sales tax paid for your inventory as part of the inventory cost.  Your purchases for resale should include the tax and the shipping.

2 Replies
Expert Alumni
Apr 12, 2022 5:33:28 AM

Yes, you are doing that correctly.  Include the sales tax paid for your inventory as part of the inventory cost.  Your purchases for resale should include the tax and the shipping.

Level 2
Apr 12, 2022 5:51:12 AM

Thank you so much!