How to record Cost of goods ?

rawnaq

Hi,

Can anybody please help me how i could record Cost of sales........ The Income statement only shows the income not the COGS..... Please help...

Thank you very much

Shamzil Ramiz

ronselwell_gmail.com

HI Shamzil,

I have the same problem. Also, would the sold item be deducted from the inventory?

If I find an answer I'll post it. Please post the answer if you find the solution.

Ron

silvacourses

For COGS - Cost of Good Sold:

Go to Chart of Accounts, Add a New Account, Type = Expense, Sub-Class = Cost of Sales.

kalamataoliva

Hello all, I changed the General Products Purchased to sub-class = Cost of Sales.

I have maintained the Items with Quantity / Cost Price / Sales Price and I am only getting the General Sales (income) journal entry and not the Cost of Sales (expense).

Am I doing something wrong?

Thank you.

Perikles

Mohamedali

What are you doing are all right, but I think it is a fail in the software it self and it should be easy to resolved by the developers if they wish.

chelsea90

I am also having trouble! Has anyone found a solution yet? In my income statement, it does not show the purchase price of items, even though I have recorded them.

KarlD

Any news regarding this topic please?