Costs of goods for resale

Becky93 · ‎September 04, 2019

Hi,

I have just started up my own beauty therapy business. I am new to using QuickBooks self employed, I was just wondering what goes under the bracket of ‘costs of goods for resale’ in transactions-expenses. I bought a starter package for doing facials on clients, do I put this under costs of goods for resale? Do I then put any products I buy to use on clients or to retail to them under costs of goods for resale? If not what do I put products I am buying to use in my services through as in expenses? Thank you.

Charies_M · ‎September 04, 2019

Hello there, Becky93.

QuickBooks Self-Employed (QBSE) doesn't have a specific category cost of goods sold or inventory. QBSE only tracks business expenses and income for estimated tax calculations.

In your case, you can use an expense account for the products that you bought to use on services.

Also, since you're new to QBSE, I'd like to share the following resources to learn more about the product:https://community.intuit.com/quickbooks-self-employed.

You can keep up-to-date with product updates and feature releases by viewing the QuickBooks Blog: https://quickbooks.intuit.com/blog/.

Should you have other concerns aside from this, feel free to reach back to me. I'd be happy to assist.

View solution in original post

Charies_M · ‎September 04, 2019

Hello there, Becky93.

QuickBooks Self-Employed (QBSE) doesn't have a specific category cost of goods sold or inventory. QBSE only tracks business expenses and income for estimated tax calculations.

In your case, you can use an expense account for the products that you bought to use on services.

Also, since you're new to QBSE, I'd like to share the following resources to learn more about the product:https://community.intuit.com/quickbooks-self-employed.

You can keep up-to-date with product updates and feature releases by viewing the QuickBooks Blog: https://quickbooks.intuit.com/blog/.

Should you have other concerns aside from this, feel free to reach back to me. I'd be happy to assist.

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