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L
lethithanhtu
February 11, 2020
Question

Tax line mapping for cost of good sold

  • February 11, 2020
  • 1 reply
  • 0 views

Hi,

I bought furnitures. I recorded credit Bank account and debit Inventory count. After that I sold some of this furnitures. I recorded debit Cost of good sold account and credit Inventory account.

 

I'm comleting T2. I'd like to ask you when I record debit Cost of good sold account and credit Inventory account, what will I choose the tax line mapping for Cost of good sold ? I think this is "Purchases: 8320-Cost of materials" but I don't know it correct or not.

 

And one more thing, pls instruct me how to carry forward previous fiscal year to current fiscal year of balance sheet in Turbo Tax corporation business?

I opened File  and choose Carry forward but how do I save file from quickbooks to match with Turbo Tax.

Thanks for your helps.

Tu Le

 

 

1 reply

L
LauraAB
February 11, 2020

Hello Tu Le,

 

Making sure you have the correct tax-line mapping for your business is a important detail for tax time and I want to make sure you have the information you need. I'll point you in the right direction.

 

If you're not sure which tax-line mapping to be attributing to your accounts, I recommend checking in with an accountant. They're your best resource in these kinds of situations, and if you can connect with one who knows QuickBooks Desktop or TurboTax, that may benefit you even further. To find an accountant that knows QuickBooks, check out the Find an Accountant page.

 

When it comes to TurboTax questions, including how to import your Desktop file to TurboTax, the TurboTax support team is who you'll want to touch base with. I found this article on the TurboTax website that may help, but please read out to the proper support lines for further help.

That should get you on your way! Enjoy the rest of your day.

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