david007co Posted April 30 Report Share Posted April 30 For a new small business (self employed, not Inc.). Started the business in May 2023 with no initial inventory. We made purchases of inventory during the year for $1,027.01 We did not make any sales during the year. What do I put in: Opening Inventory Purchases during the year Closing Inventory Thanks for your help. Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 30 Report Share Posted April 30 Hello david007co, Correct. Quote Link to comment Share on other sites More sharing options...
david007co Posted April 30 Author Report Share Posted April 30 26 minutes ago, Geo123 said: Hello david007co, Correct. May I ask, why closing inventory should be left empty, if I ended up with the inventory I purchased during the year? Thanks for your help. Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 30 Report Share Posted April 30 Hello david007co, Ending inventory, if any, must be entered manually. UFIle has no way of knowing what happened to the purchased inventory, as it is not an accounting system. Quote Link to comment Share on other sites More sharing options...
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