Entering the beginning inventory for the cost of goods sold schedule but my numbers disappear and the box turns blank for a corporation tax return 1120. Any suggestions?

Forum|Forum|5 years ago
August 6, 2020
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Best answer by George4Tacks

There are two possible entries, one is in the balance sheet and does not show up on COGS. The other is in Cost of Goods Sold and that should be the one you are entering. If you do and it disappears, you need to contact support.

George4TacksAnswer

Level 15

There are two possible entries, one is in the balance sheet and does not show up on COGS. The other is in Cost of Goods Sold and that should be the one you are entering. If you do and it disappears, you need to contact support.

Answers are easy. Questions are hard!

L

liniaboghozianAuthor

Level 2

Thank you George for your response! I logged out and logged back in and seems like the problem went away. I was entering in COGS part of Income. Are you suggesting I leave this part of balance sheet blank?

Inventories (if different from inventory entries in Cost of Goods Sold)

Best,

Linia.

George4Tacks

Level 15

I was only trying to figure out where you were. You may need to enter beginning balances if this is the first year. Review the return and enter balance sheet items as needed.
I am glad it cleared itself. Chrome seems to be the most stable browser.

Answers are easy. Questions are hard!

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