I own a small business and decided to use the feature in TT that allows me to import my bank statements, then review and categorize all of the transactions before adding them as expenses on my return. Many of the things imported are correctly categorized, like my internet service automatically categorized as Utilities, my rent as Rent and Lease, stickers from StickerMule as Advertising, etc.
My issue is with inventory assets. I purchase a lot of items to resell in my shop, or to use as part of a larger project to be sold. In Quickbooks, these transactions are categorized as Inventory Assets, however, there is no inventory category in the dropdown list on TT. TT automatically assigned a bunch of different options, yet none of them seem to fit the situation. When I try to type in Inventory, it defaults to Materials and Supplies - is that correct? I've attached a screenshot - the two with checkmarks are correctly categorized, the middle three are all items that I'm purchasing to resell.
What Category would I select for items that I purchased as inventory with the intent to resell?
