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HeidiDownsAcc's avatar
HeidiDownsAcc
Member
1 year ago

Inventory Quotes - COS or Asset Account

Hi,   Accounts used: 5-0501 Cost of Goods Sold - Inventory (Profit & Loss) 1-1801 Inventory 2 (Balance Sheet)   We have a client who create quotes (adding a job to it).  He uses a COGS account ...
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Doreen_P's avatar
Doreen_P
MYOB Moderator
1 year ago

Hi HeidiDownsAcc

 

I understand your client's situation. They are creating quotes and adding jobs to them, using a Cost of Goods Sold (COGS) account (5-0501). However, this is causing the stock to go through the profit and loss, which should not happen until the goods are sold.  With this, I highly recommend speaking to your accountant or financial advisor as they can provide you with more information. If you encounter issues in the future, feel free to create a post again.

 

Best regards,

Doreen

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