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Federal input screens

Screen COGSInfo – Cost of Goods Sold Information (1065)

Cost of Goods Sold

Enter
X
 in this field to automatically adjust the amount of purchases displayed on Form 1125-A by the difference between beginning and ending inventory. A positive adjustment is made to purchases when ending inventory is greater than beginning inventory. The application makes a negative adjustment to purchases when ending inventory is less than beginning inventory, but does not allow purchases to go below zero.
To mark this checkbox one time for all new clients, mark the
Adjust purchases by change in inventory (Screen COGSInfo)
 checkbox in the Return Presentation tab in the New Client Options dialog. To open this dialog, choose Setup and then 1065 Partnership and select the New Client Options button.
Mark the appropriate field(s) to indicate the methods used in valuing closing inventory on Form 1125-A. To mark the Other checkbox on Form 1125-A, enter the description and the explanation of the method in the
Other method description
 and the
Other method explanation
 fields.
Use the statement to enter the same information requested on Form 970 if the LIFO method of inventory is adopted and Form 970 is not being filed. If you enter information in this statement, the application marks Form 1125-A, line 9c.
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