Chart of Account for Material Purchase
I am reaching out regarding the chart of accounts for purchasing materials in my metal fabrication business. We regularly purchase materials such as SQ Tube, REC Tube, metal sheets, flat bar, angles,...
Forum Discussion
I would suggest using Cost of Sales.
The Cost of Sales Accounts could reflect your Income Accounts.
You could have a Cost of Sales called Materials - Manufacturing Orders.
There could be a ATO Benchmark to compare your Gross Profit Margin to your Industry Average.
You would need to engage a MYOB Partner to setup Inventory.
Duncan
