Required information to file returns
As a small business, your time is at a premium so the last thing you need is to scramble around at tax time trying to find the numbers you need to file your returns! If you’re using inFlow Cloud to track your sales and purchases, it’s easy to get a good portion of your business numbers for that return*
Total Sales & Taxes Charged for your filing year can be pulled via the Sales Tax report. Simply change the Order Date filter to “Last Year” and write down the total Sales Amount (as noted on the last line of the last page of your report). inFlow can also break these amounts down by state by state if necessary.
Opening & Closing Value of Inventory that was in stock on a certain date can be pulled using the Historical Inventory Report. You will have to pull this report twice: once by setting the Target Date for the first of the year (Jan 1) and once by setting it for the last day of the year (Dec 31).
Please note: orders that are partially completed will not be counted as moved so if you had a partially completed purchase order, that stock will not be counted towards your current inventory on the target date. The same is true of partially completed sales orders as that stock will not be considered to have been shipped out if it’s partially shipped as of the target date.
Purchases during the year (not expenses) should be the total paid for goods you’ve re-distributed or used to manufacture something you distributed. The Purchase Order Summary Report should provide the necessary information if you change the PO Date to filter for Last Year.