What should be entered as the Gross Sales of Inventory, Less Returns, And Allowances in Form 990-PF?
959 views |
Last modified 1/16/2023 1:57:24 AM EST |
The revenue obtained from the sales of the goods without deducting the returns, allowances, and discounts should be entered as the Gross Sales of Inventory, Less Returns, And Allowances.
The revenue of sales before deducting the sales returns, sales allowances, and sales discounts are considered Gross Sales.
Reporting information about Gross Sales of Inventory, Less Returns, And Allowances in Form 990-PF
If your organization has made any revenue from the sales of the goods without deducting the returns, allowances, and discounts, it must be reported in Part I. Analysis of Revenue and Expenses, Lines 10a, b, and c - Gross profit from sales of inventory.
On lines 10a, b, and c, you must enter all inventory sales, including those made during special events and activities, together with the gross sales (less returns and allowances), cost of goods sold, and gross profit or (loss). These inventory items are those that the organization either manufacturers to sell to others or purchases to resell.
E-file your Form 990-PF with Tax990
Tax990, the IRS-authorized e-file provider, supports the e-filing of Form 990-PF exclusively for private foundations.
With our direct-form entry filing method, you can easily enter the Gross Sales of Inventory information on your Form 990-PF. You can also choose our interview-style filing process.
If you have any more queries, our customer service is available to help you through live chat, phone, and email.