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OutRight / Taxes / Cost of Goods

Does anyone use Outright? If so, how do I do "cost of goods sold?" I'm confused. If I make a ring and it costs me $3.00, and I sell for $6.00....after it's sold, do I add $3.00 under expenses, labeled "costs of goods sold?" Or do I do an inventory spreadsheet, a beginning and an ending spreadsheet?

Thank you so much for your help!!!!
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cost of goods sold is how much the sold item cost YOU including materials
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the first way gives you the COGS for an individual item

the easy way to find your COGS for the entire year is to take your starting inventory, add all the materials purchases you made during the year, and subtract your ending inventory.
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Thanks for your help! So, do I enter my "COGS" just once at the end of the year?
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watch out with outright, it doesnt calculate COGS correctly. when you enter material purchases each month it automatically deducts them from gross sales, which is wrong. there is some roundabout way you have to do it at the end of the year by entering inventory numbers to get ti to calculate COGS properly
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and yes, you really only have to calculate COGS at end of year when you file your tax returns, unless you want to monitor it monthly to better see what your profits are, but then you need to do monthly inventory or keep a perpetual inventory system
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oh, for outright, you could enter the COGS for each sale manually throughout the year, but for your end of year taxes you still need to have inventory and total materials purchased records. thats just really not the proper way to calculate and record COGS, its sup[posed to be done with physical inventories and amounts purchased
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Artisian, I must say you know your taxes do you prepare taxes?
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yes, I have always done my own, all my life, and the last 13 years with schedule C. i dont do anyone elses
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Well I have to thank you for the information that you provided to me I have already saved 128.00 just from my last order with u-line since I do not have to pay the tax. I tip my hat
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