Item list
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
-
Do you track inventory with these parts?
0 -
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.
0 -
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
(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!)
1 -
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
0 -
@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:
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
(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!)
1
