Wrapping Up Year-End for Tax Purposes
- Make Inventory Adjustments
- Year-end: Inventory (Cost of Goods)
- Handle Demos, Donations, or Expired/Product Loss
- Handling Personal Use
- Close Year-End & Run Tax Reports
- Year-End: Product Purchases (Inventory Orders)
- Year-End: Gross Receipts (Personal Sales)
- Year-End: Expenses
- Year-End: Non-Recovered Sales Tax
- Handle Gifts Given Away