Our first year with Quickbooks and Turbotax, so clarification needed for how to best enter expenses. We have many labor and supplies/material expenses for our small business. No actual inventory kept. Example: Manual labor and concrete/gravel supplies to complete installation of a concrete driveway for client. Only current materials needed for a job purchased and labor paid to complete the driveway, and then on to the next job. What is the best way to code/categorize the expenses in quickbooks to that Turbotax imports and reads it accurately to deduct all of the expenses? Should all of these items that are direct expenses for an installation job just all be categorized as Cost of Goods Sold? Or should the labor, material/supplies be separated into individual categories? This is our first year using the two programs, and want to be sure the way we enter into Quickbooks imports correctly and in the best manner to obtain full deduction of the expenses when completing taxes in Turbotax. Thanks for any assistance/clarification you can offer.
