Re: Question re. Business Income Statements

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Posted by IB (NJ) on August 12, 2008 at 07:08:41:

In Reply to: Re: Question re. Business Income Statements posted by Natalie-VA on August 12, 2008 at 05:37:40:

Natalie - thanks for responding. So I'm assuming you consider a property purchased an expense until you sell it, correct? Purchase expense? Right now, I consider it an expense and will call it 'Rehab: 123 Smith Street' with all of it's relevant expenses as sub accounts or 'Wholesale: 25 Harrison' with all of it's relevant expenses as sub accounts.

The whole COGS issue threw me off as I've never converted itto COGS when selling it. I'm assuming it's something my accountant did for me at year's end. Spent half the night last night reading a Quickbooks forum that showed me I didn't know as much about bookkeeping as I thought.

Ib

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