Re: [SL] COGS

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

To better explain this I will give you all the details.

  If my incomes not to high and it will not push me to another tax rate
I'll call some of my clients that are interested in buying a computers
or certain services and say it's a good time to buy, tax season is just
around the corner. It works and I always end up with a little extra in
my pocket despite what I pay the tax man.  I mostly sell services so
stocks not usually an issue. But heres the real world example.

I sold 2 computer Dec 31 2003.
I bought all the parts in January 2004, on various dates.
Like I said in my last post I alway print off a income statement (and
PDF) after my last transaction for year end, and thats what I use for
income tax, for the most part.
The $3000 I paid for the parts for these computers shows up in the COGS
for 2003, not 2004 like they should, I bought the parts in 2004 so they
should show up on the 2004 Income Statement, the total COGS for 2004
shows up fine in the Trial balance, but it should also show up on the
2004 Income Statement, which it does not. Canadian income tax needs a
Complete and accurate Income Statement sent along with your T1 form.
With the way SL's income statement works, I have to make my own income
statement in Openoffice.


All I wanted was to see if any one else was having the same issues as I.
If you got a minute and you've sold stuff in a prior year and bought the
product in the year after it was sold, do an income statement and then a
trial balance and see if your COG shows up the same on both. And let me
know. 

I also just checked to make sure I was not using old templates, and I am
not. That would have been embarrassing.



Thanks,
-- 
Dan Brow CEO
Full Motion Solutions
- Solutions That Work - 
Phone: 519.641.7193
E-Mail: da...@fu...
Web: www.fullmotions.com