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How should I handle COGS in QBSE? It seems like there should be a way...

 
2 Comments
QuickBooks Team

Re: How should I handle COGS in QBSE? It seems like there should be a way...

Inventory tracking is unavailable in QBSE, Sheilamattsonfin. This means that the COGS account is unavailable too.

 

The program lets you tag all purchases as expenses.

 

It's best to connect your bank account to QuickBooks Self-Employed. This helps you avoid from manually entering the expense transactions. They're downloaded automatically, and our program categorizes them for you. All you have to do is approve it.

 

We're right here to lend a hand if you need more of our help. 

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Re: How should I handle COGS in QBSE? It seems like there should be a way...

QBSE is so basic it is best used for by a hobbyist IMO

 

QBSE does not follow the schedule C in its entirety

QBSE does not allow for any new accounts (categories) to be created
QBSE does not have sales receipts, only invoices
QBSE does not allow for journal entries
QBSE does not have the class function
QBSE does not do recurring transactions
QBSE does not keep a customer or job listing
QBSE does not have a balance sheet so you can not enter the cost or the depreciation for a car/equipment
QBSE does not do inventory or cost of goods sold
QBSE can not do payroll
QBSE does not do any associated IRS forms, like home office deductions or depreciation
QBSE will not accept a banking file formatted as .qbo (a standard intuit type of file)

QBSE does not do sales tax either (not schedule C related but critical to a business)

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