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Old 07-20-2005, 11:16 PM
Harley Girl Harley Girl is offline
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Join Date: Apr 2005
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Wink Restocking Fee

Okay, here is a very dumb question, but I need to ask it.....

what account does "restocking fees" go under? Currently it's under COGS.....

Just thought I'd ask.

thanks!
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Old 07-21-2005, 08:23 AM
Joey Joey is offline
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Well, here's a dumb answer. Are you paying the fee or charging it to your customer?

If you're charging your customer, it's Miscellaneous Income.

If you're paying it, then it's fine to have it in CGS. If there are very many, you can create a separate CGS type account called Restocking Fees. It's not really a cost of the actual Purchases for resale because it's a fee for stuff you sent back. So I wouldn't put it in the same CGS Purchases account with the Inventory purchased. You can have several CGS type accounts such as Purchases, Freight & Shipping In, Sub Contract Services, Direct Labor, Restocking Fees and whatever else pertains to your particular business type. The program just comes set with one default CGS type account until you change the name to whatever you want to use and create the others.
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