Could his be a report error with Cost of Goods
I have just noticed when runnign a detailed general ledger report under COS 5'000 ledgers it is picking up sales against it. Am I missing something. i have looked at the inventory set-up and the I buy & sell boxes are pointed to correct ledgers 4's for ell and 5' for buy.
example attached.
Hi HCAP
This suggests you are using I Buy I Sell and I Inventory for these items. The I Buy this Item Cost of Sales Account would be set to 5-1000. When you sell an Item, MYOB calculates the COGS amount and increases the COGS account and reduces the Inventory account - this is normal. The cost of the purchase is not expensed when you purchase, but rather when you sell - do a search on Perpetual Inventory v Periodic Inventory for a detailed explanation.
Regards
Gavin
