Inventory items and cost of goods sold

paulas
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Inventory items and cost of goods sold

If I make a change to an item's link account, I realise this will only change on transactions going forward, previous transactions will not be affected.  I wanted to change my cos account and income accounts to add some more levels so for example I have one very big furniture cos and income account and I want to break it down into outdoor, lounge etc. So if I do this as at the evening of the 31/3/2021 (end of my financial year, will this then mean all new transactions (including all old/exisiting sales orders and purchase orders that have not yet been  invoiced/billed (because stock has not arrived yet) will show up in correct new accounts.....or is it only for completely new orders/invoices entered from1/4/2021 that will show up correctly.......?

thanks

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Steven_M
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Re: Inventory items and cost of goods sold

Hi @paulas 

 

I think you have the right idea. Any new transactions will be impacted by that linked account change, previous transactions will use the older accounts.


In terms of orders, when you record an order, be it a sales or purchase, no accounts are affected. It is only until you convert that order into an invoice or a bill that the accounts are impacted. The accounts chosen to record that transaction are the ones that are on the listed item(s) at the time of that conversion. For example if you record an order, update the linked accounts and then convert the order it will use the new linked accounts for that invoice/bill.

Kind regards,
Steven

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paulas
Experienced User
42 Posts
Experienced User
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Experienced User

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Re: Inventory items and cost of goods sold

awesome thanks so much

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