Please remember this is a user-to-user community that relies on member participation. We encourage you to ask questions AND share your own thoughts, experience and advice.
Hello Everyone, I am taking a T2 correspondence course, just for my own further education. I am using the Profile software. Having a problem when it comes to the Cost of Goods. From what I understand you take (opening balance + cost of goods) - closing inventory . On the version of Profile I have when I enter the closing inventory it adds it to the total cost of goods. If i put the closing inventory as a negative number it gives the correct ending balance. Just to me does not seem I should put a negative amount in there? So what am I doing wrong? Thanks for any help anyone can give me
Page 1 of 1
T2 Closing Inventory
MultiQuote
#2
AllTax 
- New Member
-
- Group: Members
- Posts: 9
- Joined: 16-August 06
Posted 20 November 2008 - 08:49 PM
tax1lady, on Nov 19 2008, 03:13 PM, said:
Hello Everyone, I am taking a T2 correspondence course, just for my own further education. I am using the Profile software. Having a problem when it comes to the Cost of Goods. From what I understand you take (opening balance + cost of goods) - closing inventory . On the version of Profile I have when I enter the closing inventory it adds it to the total cost of goods. If i put the closing inventory as a negative number it gives the correct ending balance. Just to me does not seem I should put a negative amount in there? So what am I doing wrong? Thanks for any help anyone can give me
The program is right. you must enter negative numbers as such. Same on the Balance sheet
Dave
Page 1 of 1