Forum Discussion

HeidiDownsAcc's avatar
HeidiDownsAcc
6 months 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 ...
Desktop
Doreen_P's avatar
Doreen_P
MYOB Moderator
5 months 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

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.