![]() Then I deleted all the invoice rows and summed amount.īut I still don't know if this is right for the tax. This put all the invoice amounts together at the bottom because they are negative. Then in a spread sheet, I sorted on the amount column. ![]() The other method I used to find COGS is to 'Excel export' "Cost of Materials" to. Actually there are more transaction types in this account, like Check, so I have to fiddle with Transaction Type/Multiple types to get it right. The result, $2203, is that I can see nearly what I spent, $2330. I added a Transaction Type filter, "Credit Card". This brought the "Transaction Detail By Account" report. I ran the Profit & Loss, and double clicked on Cost of Materials. That's the type assigned to the "Cost of Materials" account. I do see a "Cost of Goods Sold" account type. I don't see a "Cost of Goods Sold" account in the Chart of accounts. So I just enter the transactions, not create a new 'item' each time or use a general 'item'. I tried creating a 'hardware' item, but this hid my descriptive memo of what it is (like hose clamp), and just showed 'hardware' on my invoices. I don't use a QuickBooks 'item' for each of my purchases. Note: The only "Item" I set up and still use is an hour or my labor. Which is right? Also, what is the easiest way to come up with the total of what I paid vendors for parts from QuickBooks? ![]() They tend to cancel out to much less than I paid ($776 in 2019). The "Paid Amount" column has charges and invoice amounts for the each transaction. I want to use just the credit card charges ($2330 in 2019). The Cost of Materials account essentially consists of credit card charges and invoices. My tax advisor wants to use the (2019) tax year's Cost of Materials Paid Amount total as COGS in part III of Schedule C. Materials are small items like nuts, bolts, hose clamps, etc.
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