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MG70
Level 1

How Do I Re-categorize expenses from last year?

I am new to QB online and apparantly mis-categorized a lot of my expenses to the point that when i did my tax report, most of my stuff bought for resale did not get deducted, so its showing way to much profit. Ive gone in and re-catergorized many of them, but it's not changing on the tax report. Surely there is a way to change it. 

Help Please!

Solved
Best answer March 31, 2023

Best Answers
Rustler
Level 15

How Do I Re-categorize expenses from last year?

The purchase of something to resell becomes an expense when it sells, not when you buy it.

View solution in original post

2 Comments 2
Rustler
Level 15

How Do I Re-categorize expenses from last year?

The purchase of something to resell becomes an expense when it sells, not when you buy it.

MG70
Level 1

How Do I Re-categorize expenses from last year?

So, I have been categorizing my sale as income. They need to be Recatergorized as an expense?

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