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diquip's avatar
3 years ago

Cost of good - double charging

my cost of goods is double charging me on P&L reports. 

 

we import product into stock and sell it. there is a cost of goods sold that is allocated with each sale but it also comes up as cost of goods when i purchase stock. if i purchase $10k of stock in july there is a cost of goods on the P&L of $10k but then when i make a $15k sale in august for that stock it comes up as $10k COGS in august as well. 

 

how do i correct this? 

1 Reply

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  • Hi diquip 

     

    Sounds  like a settings issue. If you are using 'I Inventory' on the item, then a purchase should update the Inventory account balance, not the COGS account balance. Check the Profile tab of the Item. Things might be set incorrectly there. Typically a COGS account is 5-xxxx and Asset Acocunt is 1-xxxx.

     

    There are some inventory related support notes on the Support area that might be helpful.

     

    Regards

    Gavin