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March 30, 2023
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How Do I Re-categorize expenses from last year?

  • March 30, 2023
  • 1 reply
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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!

Best answer by Rustler

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

1 reply

Rustler
RustlerAnswer
March 31, 2023

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

MG70Author
April 5, 2023

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