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Quicken 2004 - COGS??

 
 
AC
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      04-25-2004, 04:11 PM
Hey there. I am trying to enter in cost of goods sold in Quicken...
and there does not seem to be a category for it. There is one for
Business Supplies, but it specifically says NOT COGS. Therefore,
would it not stand to reason that COGS exists somewhere in Quicken,
withthe appropriate links to Schedule C, without me having to create
it??

Thanks!
 
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Rick Hess
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      04-25-2004, 06:34 PM
"AC" <(E-Mail Removed)> wrote
> Hey there. I am trying to enter in cost of goods sold in Quicken...
> and there does not seem to be a category for it. There is one for
> Business Supplies, but it specifically says NOT COGS. Therefore,
> would it not stand to reason that COGS exists somewhere in Quicken,
> withthe appropriate links to Schedule C, without me having to create
> it??


Unless I'm not understanding your question, it sounds like you should
receive some guidance from a tax preparer.

If you're doing your own accounting for your own business, you should
certainly understand that COGS can represent several categories, including
labor, purchases, materials, etc., being added to your beginning inventory,
with your ending inventory being negated.

Your beginning inventory is normally your ending inventory from last year,
which your tax prep. method will carry for you. The remaining info, except
ending inventory, can be categories that already exist in Q.
Familiarize yourself with this by perusing P. 2 of your C, line 35-ish to
line 42-ish (I don't have a C in front of me but I'm sure those line numbers
are close). The resultant COGS transfers to P. 1 of C, line 4-ish.

Make sure your categories link to the appropriate lines in C. If you have
more than one C you need to use Classes, one for each C. Post back if
that's the case. If you're including your personal financial info in the
same Q file (which I recommend, and am now bracing for onslaught of
opposition), then you should assign a class for the business anyway, even if
you only have one C.

If all of this was news to you, hire a professional, and let him/her prepare
your tax return. If you wish to do your own return in the future, buy
TurboTax (I specifically recommend that you do NOT use TaxCut or anything
else that's less competent than TurboTax) and parallel a return for the same
TY with the preparer's results. And ask lots of questions.
--


Rick Hess
New Orleans
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