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Sales Journal shows Cost of Goods transaction

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Contributing User aaasc
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aaasc
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Sales Journal shows Cost of Goods transaction

I'm still haven't solved my original problem of when I enter a sale (item) the cost of the item shows in the PnL as if it's a purchase on that day too.

 

This is what the Sales Journal looks like

 

Sales Jnl .JPG
2 REPLIES 2
Ultimate Partner Mike_James
4,174 Posts
Ultimate Partner
New Zealand
Mike_James
Ultimate Partner

4174Posts

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Re: Sales Journal shows Cost of Goods transaction

Hi @aaasc, you have stated on another post that your items are set up as "I inventory...".  

 

This looks like normal behaviour for inventoried items. When you record a purchase for any such item, it is allocated to the "asset" account in the item set-up, usually a current asset account in the balance sheet. The purchase should not show up in your COGS accounts, if the item is correctly set up.


When you sell such an item, as part of the sales transaction AccountRight adds two lines which transfer the cost of that line item from the asset account to the nominated "cost of sale" account, crediting/reducing the asset account and debiting/increasing the COGS account.


Regards, Mike (mike@datawise.co.nz)
DataWise Limited (www.datawise.co.nz), developers of:
DataWise Report Writer - Custom Reporting from MYOB programs
(Including AccountRight Classic/Live, and exo Payroll)
New: S.T.P. Reporting solution for (Aust) v19 users, email for details

Contributing User aaasc
5 Posts
Contributing User
aaasc
Contributing User

5Posts

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Re: Sales Journal shows Cost of Goods transaction

DOH!!!  Of course!!  Feeling a bit stupid now.  Thanks though, it was doing my head in.

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