Quicken 2004 - COGS??

Discussion in 'Quicken' started by AC, Apr 25, 2004.

  1. AC

    AC Guest

    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!
     
    AC, Apr 25, 2004
    #1
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  2. AC

    Rick Hess Guest

    "AC" <> 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
    To reply, eliminate All_Spammers
     
    Rick Hess, Apr 25, 2004
    #2
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