New Business, No Sales, Opening and Closing Inventory

[david007co]

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.

[Geo123]

Hello david007co,

Correct.

[david007co]

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.

[Geo123]

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.

[BakerSteve]

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