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Total your purchases

The IRS requires that you enter the cost of your purchases when you calculate cost of goods sold. You can determine the amount of your purchases by creating a purchases by item summary report.

To do this task

  1. Go to the Reports menu, click Purchases, and then click Purchases by Item Summary. Shortcut

  2. Make sure the date range is for the tax period you want.

    What if the date range is wrong?

    The report is initially set to show all tax-related transactions from the last tax year. You'll need to change the date range when you want the report to show tax-related transactions for a different tax year.

  3. Note the total at the bottom of the report. This is the amount to fill in the Cost of Goods Sold section of your tax form.

See also

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