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Jenny Byrne
Jenny Byrne Member Posts: 65 Reckoner Reckoner
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: 3,568 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    Do you track inventory with these parts?

  • Jenny Byrne
    Jenny Byrne Member Posts: 65 Reckoner Reckoner

    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: 3,697 Reckon Accounts Hosted Elite 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

    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!)
  • Jenny Byrne
    Jenny Byrne Member Posts: 65 Reckoner Reckoner

    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: 3,697 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
    edited June 2023

    @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

    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!)

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