View Full Version : correct account lines
10-14-2003, 06:11 AM
I have 3 adjustment accounts under different headings all listed as a Expense.
Is this wrong? I want it to appear under the COGS line instead of the expense line?
Or do i make some other form of entry to get shown as a COGS?
10-14-2003, 05:07 PM
Depends what you're adjusting.
Fiddling little differences in customer payments because they mis-wrote a cheque, small imbalances in the petty cash and the like, should go in expenses.
If you're adjusting your stock valuation for damage or wastage, you could argue either way - COGS or expenses.
So what are you adjusting?
10-14-2003, 05:57 PM
With my first year in trading i conducted 3 stocktakes to evaluate my stock losses against purchasing more security equipment.
These 3 losses (adjustments) are shown as an expense.
What i am trying to achieve is put the losses within the COGS line, as they are afterall a direct result of trading.
I am trying to get the profit & loss statement the same as would appear on my tax return. All the figures are correct, however these 3 adjustments are not as yet accounted for in nmy return, i was told to include them in my COGS line in my tax return, but i wish to also be able to do that in quickbooks so when i print out a P&L account it is exactly the same as the tax return i filed.
Hope you understand
10-14-2003, 06:02 PM
OK, your stock take adjustments can go in COGS. Open the adjustment transactions - were they Adjust Quantity/Value on Hand? - and simply change the posting account from your expense adjustment accounts to your COGS account. Save & Close. Done.
10-17-2003, 10:08 AM
OK, following your instructions i have got the figures on the correct account lines.
The only downfall i see to this method is that i can no longer view with ease the adjustments made by clicking the expense account they were originaly held in, is there another way by means of using a journal to accociate figures to other accounts.
Hope you can understand me, or am i just confusing myself & talking rubbish!!!
10-17-2003, 11:45 AM
Create a sub-account of COGS called Adjustments, and put them in there instead.
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