Looking at a way to account/journal for labour costs. In the past we have raised an invoice to ourselves, for labour and materials then raised a payment to ourselves, to increase our cost of sales. I have been able to do an inventory adjustment for the materials, but not sure how to journal for the labour side. Can anyone help?
Hi Michelle29
It seems like you're trying to account for labor costs in your production costs. This can be a bit tricky, but we have some articles that can help you manage it. Please refer to the following links that have information regarding labor costs:
However, for the specific process of journaling for labor costs, it might be best to consult with an accountant or a financial advisor to ensure that you're following the best practices tailored to your situation.
Feel free to get in touch if you need more help!
Cheers,
MYOB
