Why does COGS report "Transactions By Account" split transactions?

K Cossey

I am using Reckon Accounts Plus 2016 and from my Trial Balance I click through on the COGS line.  We are selling cars. each car is a stock item listed by its registration as we buy tehm back at teh end of the tourist season and sell them again. Each stock item only ever has a quatitiy of 1 or 0 at at time.
When I click through to the COGS Transactions by Account some the stock items have two entries, some have one. (one even has been split into 4 entries).  For example, for one sale of a car the Original Amount column shows the correct amount for the cost of the item sold, but teh Paid Amount column has split that total into two what seems like random amounts e.g. $3043.48 Original Amount is split into $577.05 and $2466.43 under the Paid Amount column. 
Why does this happens? 

Thanks for your insight.
Karen

John G

Hello K Cossey,

Thanks for asking but I do not follow your issue.  Here is my Transactions by Account Report from COGS on the Trial Balance.....





Have you modified this report?


regards,
John

K Cossey

the only thing I've changed is it's a cash basis, not accrual. (Reporting New not Gross)., When I do Accrual it stops the splitting of the data.  In my example below the second invoice number KRT77 is repeated twice with the same Original Amount (the cost of the goods sold) and the Paid amount is split into two amounts that add to the Original amount (948.48+573.26=1521.74).  Why does this happen?  My accounting for GST is on a cash basis, not accrual.

John G

Thanks K Cossey,

The two entries you refer to have different dates so I suspect they are 2 part payments that make the total.  The Original Amount is the the full COGS of the invoice - this amount will show on every entry for this transaction on this report.    The Paid Amount is the COGS component of what was paid on that day and, unless they are equal payments, will vary with each entry. 

The Report is providing the correct information, provided this invoice was paid in two payments.


regards,
John

K Cossey

Thanks John. That explains it.  I needed to know because my COGS was different to my accountants by the same amount as one of the split payments so I wanted to work out if there was something wrong with that transaction.  But I guess that's not it because I would need to look at the total in the Original Amount column to be the same as the discrepency, wouldn't I? (She separates her COGS into Stock on hand beg and end and purchases accounts which I balance out to make sure they match my COGS.).  I need to look elsewhere don't I?

John G

Thanks K Cossey,

Check the balance of the Stock on Hand account against the Inventory Valuation Report - they should be the same.  If they are not, do any of the items in this KB apply?


regards,
John

K Cossey

Thanks. I figured it out Bit complicated so I won't go into it here. Thanks for your help.

Are you able to answer my question from my previous post also? No one has replied yet: 
I have set up some loan accounts as Bank Account so I can import transactions using online banking. But now when I display my Balance Sheet report they appear as Current Assets. How can I assign them to Liabilities. I tried changing them to a Credit Card account type but that didn't help.

Any suggestions? 
Karen

John G

Hi Karen,

Yes, a bank loan as a Bank Account will be a Current Account with a negative.

You can't change the type of a bank account, so you'll need to start from scratch with a credit card account to show them in your Current Liabilities.

If they need to be Other Current or Long-term, then you'll need to have them as a Liability account where you will not be able to use the import bank transactions functionality.


regards,
John.  

K Cossey

Okay. Thanks for all your help. Much appreciated.