I categorize Non-Inventory Items as COGS in Quickbooks, but we do not keep inventory. We purchase items for a specific customer and resell it with a markup, so everything we have is non-inventory. Do I put these costs under "Supplies Expense"? I want to make sure that the cost of these items don't get included in total income.
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Yes, if you do not track Inventory for your business, you may report that cost as Materials, Supplies, or as Other Miscellaneous Expenses with a custom description (Merchandise for Resale). Note: If you enter a general business expense in the wrong category, it will not affect your taxes. Just be sure you don't enter the same expense twice.
Yes, if you do not track Inventory for your business, you may report that cost as Materials, Supplies, or as Other Miscellaneous Expenses with a custom description (Merchandise for Resale). Note: If you enter a general business expense in the wrong category, it will not affect your taxes. Just be sure you don't enter the same expense twice.
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