Cost of Goods Sold

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Bruce
Bruce Member Posts: 442 Professional Partner Professional Partner
edited May 2023 in Accounts Hosted

I am involved with a sporting club which for some years has offered a range of merchandise to its members. I have recorded the Club's acquisition of the merchandise as COGS. At the same time its uniforms have been sold independently of the Club so have not appeared in the Club's accounts.

The Club has now decided to bring it's uniform sales "in house". I would like to be able separately identify the acquisition of the uniforms from the merchandise.

Can I have two sets of COGS accounts by:

  • renaming existing COGS as "COGS merchandise"
  • creating a new account "COGS uniforms"

Comments

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,587 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited May 2023
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    Absolutely Bruce, you can have as many COGS accounts as you like 😊

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Bruce
    Bruce Member Posts: 442 Professional Partner Professional Partner
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    Thanks Shaz, much appreciated