I prepaid for $60,000 of products that were supposed to be produced timely by my vendor. I do not have product inventory. How do I categorize the $60,000 paid in QBO
I prepaid for $60,000 of products that were supposed to be produced timely by my vendor. I do not have product inventory. How do I categorize the $60,000 paid in QBO
I currently created a PrePaid Inventory in Chart of account as an asset. How does this work for tax purposes? To me, it would seem that I would get to write off as an expense to avoid paying more taxes than I need to for this tax year. Any help is greatly appreciated.
I prepaid for $60,000 of products that were supposed to be produced timely by my vendor. I do not have product inventory. How do I categorize the $60,000 paid in QBO
Buying inventory is not tax deductible, nor is your deposit as a prepaid for the order.
Inventory is stocked as an asset and only becomes an expense when you sell the item, then the item cost is posted by QB to COGS and removed from the inventory asset account
I prepaid for $60,000 of products that were supposed to be produced timely by my vendor. I do not have product inventory. How do I categorize the $60,000 paid in QBO
Buying inventory is not tax deductible, nor is your deposit as a prepaid for the order.
Inventory is stocked as an asset and only becomes an expense when you sell the item, then the item cost is posted by QB to COGS and removed from the inventory asset account
I prepaid for $60,000 of products that were supposed to be produced timely by my vendor. I do not have product inventory. How do I categorize the $60,000 paid in QBO
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