where do I enter the cost of goods sold?
where do I enter the cost of goods sold? It is nowhere on the income tab.
Best Answers
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Hello,
Cost of Goods is usually reported on a Schedule C. You can find it by going to Income → Business Income (Schedule C). There you can enter information about your business/self-employment, such as income, business expenses, and costs of goods sold (inventory). The software is pretty good about guiding you through the process.
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Hold on...on the business setup questionnaire titled "Tell us about your business" where you select a business code, there is a check box below asking "Does your business have inventory or cost of goods sold?". Make sure you check ✅ YES. Then select the accounting method.
Then Inventory and Cost of Goods Sold will appear on the Your Business screen where you edit.
Answers
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I'm having the same problem and there isn't a way to access the Part II of Schedule C to enter cost of goods sold and inventory information.
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I am also not finding where COGS can be entered for schedule C section III. Is this a glitch?