How to File USB purchases

PhotographyPhotography 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?

Comments

  • JulianPJulianP Member Posts: 1,002 ✭✭✭

    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.

    edited April 9, 2021
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