First time user. We have an independent toy store. What category do I put payments to toy vendors in?

Forum|Forum|2 months ago
April 27, 2026
1 reply
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TurboTax Online

Vanessa A

Level 15

It depends. If you have a store, then I am assuming you maintain an inventory. If so, then your vendor payments would go under Inventory/ cost of goods sold. So if this is your first year, as you walk through the inventory section, you would enter $0 for your beginning inventory and then all of your purchases/payments to vendors (even if on credit) would be added to obtain your ending inventory.

If this is not your first year, your beginning inventory would be the balance as of December 31, 2024 and the you would add all of your purchases to get to the ending inventory amount.

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