The updated information does not show up immediately after you enter your inventory information. After you enter your inventory and purchases information, TurboTax will determine your Cost of Goods Sold. You will need to go back to the main business page or refresh the screen to see the changes in the ''Business Income and Expense'' section. I experienced the same 'delayed update' after I entered my inventory amounts.
Your income is your reported sales/money received, and it has its own section. One of your main expenses if carrying inventory will be your Cost of Goods Sold. To properly determine this expense, you will need to know your beginning and ending inventory and your goods purchased throughout the year.
Cost of Goods Sold = Beginning of Year Inventory + Purchase Costs During the Year - End of Year Inventory. TurboTax calculates this number and lists it in the Inventory/COGS section.
Then you have another expense section with Vehicle Expense, Home Office Expense and Other general business expenses.
After entering your expenses, including COGS, go back and click on ''Business'' tab at the top. Your ''Business Income and Expense'' numbers should be updated. Your net and gross income amount will change to include your reported expenses. When you click on ''Update'', you will be able to add or edit your business income, expenses or Inventory.
The updated information does not show up immediately after you enter your inventory information. After you enter your inventory and purchases information, TurboTax will determine your Cost of Goods Sold. You will need to go back to the main business page or refresh the screen to see the changes in the ''Business Income and Expense'' section. I experienced the same 'delayed update' after I entered my inventory amounts.
Your income is your reported sales/money received, and it has its own section. One of your main expenses if carrying inventory will be your Cost of Goods Sold. To properly determine this expense, you will need to know your beginning and ending inventory and your goods purchased throughout the year.
Cost of Goods Sold = Beginning of Year Inventory + Purchase Costs During the Year - End of Year Inventory. TurboTax calculates this number and lists it in the Inventory/COGS section.
Then you have another expense section with Vehicle Expense, Home Office Expense and Other general business expenses.
After entering your expenses, including COGS, go back and click on ''Business'' tab at the top. Your ''Business Income and Expense'' numbers should be updated. Your net and gross income amount will change to include your reported expenses. When you click on ''Update'', you will be able to add or edit your business income, expenses or Inventory.