Item list

Question

I am having an issue with P & L. When I invoice a client I sometimes use 4200 as professional fees and it is connected to income as I am invoicing for part payment of a contact. At other times when I am  supplying parts I have created an item number that I have attached to 5000 cost of goods sold.  Should I have another  item number for parts sold and connect it to income?

Acctd4 · Answer

@Jenny Byrne No need to create a new one, if you change the existing one, it will update all historical transactions automatically for you! 😊

If the Item is also used on purchases/expenses (eg if you use the Items tab on Bills/Cheques/Credit Card Charges rather than the Expenses tab), you would link the PURCHASE side to COGS by ticking the checkbox:

Jenny Byrne · Answer

That is where I have been going wrong for years. Will make sure I fix it up for this year and then tell accountant. I will crate another list item connected to income not COG. You have been very helpful

Acctd4 · Answer

Hi @Jenny Byrne

No, but make sure ALL your invoice Items are linked to Income accounts ☺️