Hello, we are currently filing our tax return in cash basis. But we still need to put our inventory value. Can we put inventory journal only for cash balance sheet?

Thanks for reaching out to the Community, hyungtae@gorilla.

To properly identify if you should use a journal entry for your cash balance sheet, or if there's any other available options, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find an Accountant. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.

Here's how it works:

1. Go to our Find a ProAdvisor page.
2. Use the City or ZIP search field to specify a location.
3. Select Find a ProAdvisor.
4. Browse through your results and find one that works best for the business. You can click on each ProAdvisor's profile to learn more information about them.
   

Once you've found an accountant, they can be contacted through their Send a message form:

1. Use the available text box to introduce yourself. Be sure to include details about which services you're looking for.
   
2. Enter your appropriate info in the Your name, Your email, and Your phone number (optional) fields.
   
3. Hit Send message.
   

I've also included a couple detailed resources about working with journal entries and accounting methods which may come in handy moving forward:

• Create a journal entry
• Differentiate Cash & Accrual basis

If there's any additional questions, I'm just a post away. Have a lovely day!

hyungtae@gorilla 

You need to contact a CPA.  If you keep and track inventory, you are not a cash basis taxpayer.