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Jenny Byrne
Jenny Byrne Member Posts: 61 ✭✭
in Accounts Hosted

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?

Answers

  • Kris_Williams
    Kris_Williams Member Posts: 3,193 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    Do you track inventory with these parts?

  • Jenny Byrne
    Jenny Byrne Member Posts: 61 ✭✭

    No Kris. We order and sell parts from our suppliers to our customers very irregularary. We specialising in building waste water plants so most parts ordered are for construction of the above.

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,163 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    Hi @Jenny Byrne

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

    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

    [email protected]

    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!)
  • Jenny Byrne
    Jenny Byrne Member Posts: 61 ✭✭

    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
    Acctd4 Accredited Partner Posts: 3,163 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited June 26

    @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:

    image.png


    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

    [email protected]

    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!)

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