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jreedwwsc
New Member

When entering inventory for a boutique do you put the $$ in the box that has End of 2017 Inventory Portion ? Or do you put it on other expenses?

 
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MichaelDC
New Member

When entering inventory for a boutique do you put the $$ in the box that has End of 2017 Inventory Portion ? Or do you put it on other expenses?

If you just started your business in 2017, then your Beginning Inventory is 0. If not, it is the Ending Inventory from the prior year.   Then, you will add the Purchases and your Ending Inventory is the what's left on the shelves on 12/31/17.  Remember that the inventory dollars are the costs you paid, not what the price you charge. 

Please follow the instructions below to edit your inventory or "cost of goods sold":

In TurboTax Home & Business, simply search for "Schedule C" and then click the "Jump to" link in the search results.

Then (assuming your business has already been set up in TurboTax), you'll want to click Edit next to your business and then scroll down to the Business Expenses topic on the Your Business summary screen.

Click "Edit" next to the business you need to enter this information for.

Scroll down to the Inventory/Cost of Goods Sold section

Click "Update" next to Inventory and Cost of Goods Sold

 

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1 Reply
MichaelDC
New Member

When entering inventory for a boutique do you put the $$ in the box that has End of 2017 Inventory Portion ? Or do you put it on other expenses?

If you just started your business in 2017, then your Beginning Inventory is 0. If not, it is the Ending Inventory from the prior year.   Then, you will add the Purchases and your Ending Inventory is the what's left on the shelves on 12/31/17.  Remember that the inventory dollars are the costs you paid, not what the price you charge. 

Please follow the instructions below to edit your inventory or "cost of goods sold":

In TurboTax Home & Business, simply search for "Schedule C" and then click the "Jump to" link in the search results.

Then (assuming your business has already been set up in TurboTax), you'll want to click Edit next to your business and then scroll down to the Business Expenses topic on the Your Business summary screen.

Click "Edit" next to the business you need to enter this information for.

Scroll down to the Inventory/Cost of Goods Sold section

Click "Update" next to Inventory and Cost of Goods Sold

 

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