Service based business with no physical inventory, after entering Gross Income it shows up as a loss.

I have a small business (partnership 50/50) where we provide a service (web design).  We made a profit of, lets say $10,000.00 which I've entered as the Gross Profit.  I have entered zero expenses just to simplify things.  On the Business Summary it shows that we have an Income (loss) before adjustment of $10,000 and I my share of income (loss) is $5000.  What have I done wrong?  Should I have entered some amount in Cost of Goods Sold (currently at $0)?

Answer

You haven't done anything wrong. since, its' a partnership, the net income $10,000 is split up 50/50 between you and your spouse/partner. Your share is $5,000.

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