qbteachmt
Level 15
03-03-2023
12:27 PM
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"I think it should not increase cost of goods sold (when I zero the inventory balance) which impacts ordinary profit/loss."
Yet, you told us the sale was only for the inventory. That's no different than regular sales. Think of it differently: they put everything in the store on sale at a deep discount and now are closing their business. No difference.
You've been told how to do this many times. Re-read your own topic and all replies.
You have to match the buyer details to the seller details.
You can't make any adjusting entries in Tax Preparation programs. That's not their function.
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Don't yell at us; we're volunteers
Don't yell at us; we're volunteers