TT for business calculate COGS using beginning inventory + Cost of sold items - Ending inventory. This cause problem mismatch net profit between QB and TT. How to fix it
TurboTax for business (S Corp, Accrual method) - The Ending Inventory value as asset in the balance sheet is causing different net profit as compared to QB P&L. COGS reduces inventory value when products are invoiced and the purchases for products for resale increases inventory asset value.
TT calculate COGS by importing the COGS from QB and then adjust it by the differencen between the start and end of inventory. This gives different net profit it in TT than in QB
How the difference in Net Profit calculated by TurboTax vs. QuickBooks Net Profit in the P&L and in the Balance Sheet should be handled so the two numbers (Net Profit) is the same and will not cause out of balance of schedule M1 in TurboTax?
TurboTax for business (S Corp, Accrual method) - The Ending Inventory value as asset in the balance sheet is causing different net profit as compared to QB P&L. COGS reduces inventory value when products are invoiced and the purchases for products for resale increases inventory asset value.
TT calculate COGS by importing the COGS from QB and then adjust it by the differencen between the start and end of inventory. This gives different net profit it in TT than in QB
How the difference in Net Profit calculated by TurboTax vs. QuickBooks Net Profit in the P&L and in the Balance Sheet should be handled so the two numbers (Net Profit) is the same and will not cause out of balance of schedule M1 in TurboTax?