My client has their store on the cash method of accounting for everything except inventory which is on an accrual basis. How do I put that into pro connect?

kborchert-ivytec · ‎05-02-2023

Under Schedule C business information I put (1) for accounting method: cash. What do I put for inventory method if that is on the accrual basis? I only get the options of 1=cost, 2=lower cost, 3=other.

PhoebeRoberts · ‎05-02-2023

Your client uses a hybrid overall method of accounting.

The inventory question asks how the value of the inventory is determined.