- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How to account for goods (inventory) that was purchased, but never actually taken possession of, due to the deal falling through, but I was still stuck with the expense?
Topics:
October 30, 2019
2:31 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Getting started
This would be reported under the Losses Profile which can be found under the Deductions tab - Losses Profile.
October 30, 2019
2:31 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Getting started
Thanks. And do I input 'zero' for the line that asks "What was the value of your closing inventory?". I'm worried that declaring something as having value at opening inventory, and then being a complete zero at closing would raise red flags for the CRA...
October 30, 2019
2:31 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Getting started
It's a loss so yes you input zero.
Please review link below to avoid any unnecessary audit alerts:
How can I protect myself from a CRA audit?
https://turbotax.community.intuit.ca/replies/3394573
Please review link below to avoid any unnecessary audit alerts:
How can I protect myself from a CRA audit?
https://turbotax.community.intuit.ca/replies/3394573
October 30, 2019
2:32 PM