Business closed, should I show ending inventory as zero? Inventory kept by owner should reduce purchases. If no purchases, can I have a negative purchases?

[abctax55]

There is a line in Lacerte (PTO's big sister) for "cost of items for personal use".  If PTO doesn't have that, I would just add it (as a subtraction) in 'Other costs in COGS'.

A negative in purchases would look odd, but it is defensible under these circumstances.

[abctax55 · Accepted solution]

And yes, show ending inventory as zero.

[itonewbie]

Yes, PTO has the exact same line.

[ataloma]

Thanks for your reply. I appreciate it very much.