- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
The best way to report it is to include it as income (either as a separate entry or if it is included on invoice you can enter as general income) then deduct the same amount as supplies. This way you will records of income and payments to buy the supplies in your accounting books.
Because it is not considered inventory, you do not have to keep track of the Cost of Goods sold as a small business.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 4, 2022
1:59 PM