I'm not that familiar with using Quicken for a business. I use Quicken all the time for personal use, but not business.
If depends how you are using the Quicken accounts. For example, if you purchase some items for inventory, does that go into an "expense" account, or a type of asset account?
If you're putting all the purchases into expense accounts, then you need to subtract from the current year expenses, the amounts remaining at year end in finished goods and supplies.
Couple that with SuperCarl's response, and that should get you the proper amount of Cost of Goods sold.
The formula for COS is:
Beginning of year inventory
plus current year purchases
equals goods available for sale
Less: ending inventory
equals Cost of Goods sold.
Note that these are generally asset accounts, not expense accounts. Using expense accounts requires some adjusting as mentioned above
**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**
