you missing purchases. another thing you may not have to account for inventory
see this blog
https://www.walzgroupcpa.com/post/tax-reform-accounting-inventory/
however, even when a business can use the cash basis many use the accrual method (inventory) so they can better track profit and loss.
Quickbooks can either report profit and loss on the cash basis - inventory purchases are expensed and sales are recognized when the money is received not when the sale is made or the accrual basis - inventory is recognized for purposes of profit or loss and sales are recognized when the sale is made rather than when collected. For Turbotax to reflect what Quickbooks shows proper tax coding is needed.
also, for QB to reflect the proper ending inventory either you need to reflect the actual cost of goods sold for each sale or manually adjust for year-end inventory. we can't see your QB so you need help.
I would recommend that as a first-year business you consult with a tax pro. You have issues understanding how QB works and I have questions about whether you have recorded the business transactions correctly. you can get advice about proper QB accounting and other potential issues could be discussed. for example are your sales subject to sales tax? get things messed up the first year and down the road, there can be serious issues.
by the way, goodwill can be amortized over 180 months beginning with the month the business commenced which is sometimes described as the day the doors opened. it too is not a start-up cost.
initial purchase 21283 21283 21283
purchases during the year 46359 (computed ) 47757 21453
ending inventory -26305 -26305 -26305
cost of goods sold 41337 = 21283 + 46359 - 26305 or is it 42735 you give inconsistent numbers 16431
sales 57768 57768 57768
gross profit 16431 (not cost of goods sold) 15033 41337
we can't tell you which set of numbers, if any, is correct. you really need to check this out with a tax pro.
