How to File USB purchases
Photography
Member Posts: 2
Hi,
I am a little confused how to organized USB purchases. I purchase a set of 10 USBs say for $200. I keep them as inventory and sell each one as they are being requested. I am not sure how to file this so that for taxes it is accurate in my expenses.
Do I use Bills to capture the expense from the vendor and file it under some category such as, "vendor purchases". Or do I upload the receipt and file that under "Vendor purchases"? Where would cost of goods sold come in to play?
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Comments
Hey @Photography !
Wave offers an inventory tracking workaround that may suffice for your needs. Feel free to check it out here. Since this is only a workaround and this type of accounting can be a bit tricky, I suggest reaching out to a professional CPA to ensure you get the most accurate accounting advice since we here at Wave Support are not accountants.