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ataloma
Level 3
May 1, 2020
Solved

Business closed, should I show ending inventory as zero? Inventory kept by owner should reduce purchases. If no purchases, can I have a negative purchases?

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abctax55
abctax55Answer
Level 15
May 1, 2020

And yes, show ending inventory as zero.

HumanKind... Be Both
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4 replies

abctax55
abctax55
Level 15
May 1, 2020

There is a line in Lacerte (PTO's big sister) for "cost of items for personal use".  If PTO doesn't have that, I would just add it (as a subtraction) in 'Other costs in COGS'.

A negative in purchases would look odd, but it is defensible under these circumstances.

HumanKind... Be Both
    itonewbie
    itonewbie
    Level 15
    May 1, 2020

    Yes, PTO has the exact same line.

    ---------------------------------------------------------------------------------Still an AllStar
      abctax55
      abctax55Answer
      Level 15
      May 1, 2020

      And yes, show ending inventory as zero.

      HumanKind... Be Both
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