RE: [SL] COGS

[Danny B. <da...@fu...>]

I do all my income statements for tax purposes in the first week of
January, so it was never included on my 2003 income tax forms.

What do you mean by parking it on the balance sheet?

On Sat, 2004-09-18 at 09:21, Paul Tammes wrote:
> I would be VERY carefull here. 
> You MAY already have filed your income tax 2003 INCLUDING this cost.
> If you 'charge' it to COGS without 'parking' it on the balance sheet (at
> least at year-end) that is exactly what happened.
> 
> If you charge it AGAIN to result 2004, you effectively deduct COGS two times
> for one sale. Taxman has strong opinions on that..
> 
> Cheers
> Paul Tammes
> 
> -----Oorspronkelijk bericht-----
> Van: sql...@sq...
> [mailto:sql...@sq...] Namens Danny Brow
> Verzonden: Saturday, September 18, 2004 2:38 PM
> Aan: SL
> Onderwerp: [SL] COGS
> 
> Here's my issue, when I do a income statement I don't get the full
> amount of my COGS, I'm missing most importantly any cost of an item I
> sold in the prior year.  i.e. I sold 2 computers to a client just before
> the end of last December and I just noticed now that the parts I bought
> for his computers in January don't show up in this years income
> statement, but if I do a trial balance and click on account 1540
> (Inventory/Computer parts) I get the full amount of purchases I made for
> inventory this year.  As you may be able to see if I did not catch this
> I would have filed my income tax for 2004 with out including this cost.
> 
> Also is there a way to include cost of purchase for the entire year in
> the income statement vs. having just cost of goods sold?
> 
> 
> Thanks,
-- 
Dan Brow CEO
Full Motion Solutions
- Solutions That Work - 
Phone: 519.641.7193
E-Mail: da...@fu...
Web: www.fullmotions.com