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...
Hattom1 Posted August 21 Report Share Posted August 21 For your inventory entries, you should list the opening inventory as $0 since you started with none. For purchases, include the $1,027.01 you spent during the year. The closing inventory should be the same amount, $1,027.01, assuming you haven’t used any of it. Also, make sure to account for any expenses related to business tools like sugar customer relationship management or other software you’ve used. These costs can impact your overall financial picture and are worth including in your records. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.