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What account would you record Duties and tarrif's in Quickbooks? Would that be considered an expense?
If you pay it, then yes it is an expense
If you pay it as part of getting inventory on hand to sell, then it is part of the cost of the inventory purchased
This was duty and taxes paid on merchandise That will be added into inventory for resell in the United States so based upon your answer, I should record it under cost of good sold correct?
I'd like to jump in to this thread, roseroscoe44.
Based on our allstar's @Rustler answer, yes. You'll have to add it to your inventory purchase's cost and in your COGS account.
Please refer to this article for more information about changing the account for a product/service item.
I've also this article about income and expense for your additional resources.
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@roseroscoe44 wrote:
This was duty and taxes paid on merchandise That will be added into inventory for resell in the United States so based upon your answer, I should record it under cost of good sold correct?
inventory, if you are using inventory items in QB, is an asset, the cost of the item does not become COGS until it is sold. COGS = Cost of Goods Sold
yes. You'll have to add it to your inventory purchase's cost and in your COGS account.
NO, see my answer to the OP
Please refer to this article for more information about changing the account for a product/service item.
NEVER change an item type, doing so changes the history of the financial transactions, even though intuit allows it, do not do it, make the old item inactive and create the item type you need
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