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Old 04-02-2009, 09:28 AM
pimpenugal pimpenugal is offline
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Question Cost of good Sold Question

I am new user to quickbook. Here is my question.

I don't manage inventory in quickbook. I have separate POS system. Let say, I have done $3000 in sales. In quickbook I will go to daily sales and enter $3000 as income. Out of $3000, $2000 is my cost of good sold. I don't see any option in daily sales to show my cost of good sold. How would I make this entry in my quickbook?

Thanks in advance and all your help appreciate.
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Old 04-03-2009, 01:11 AM
shazinoz shazinoz is offline
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Lightbulb

You need to enter your expenses in separately either via "Enter Bill" (if you want to track accounts payable) in the "Suppliers" section or "Write Cheque" in the "Banking" section.

If you decide to track A/P, you'll need to "Pay" each bill in QuickBooks via the "Pay Bills" function in order to "apply" the payment & create the link between the 2 transactions.

The "Write Cheque" (from the relevant "Bank Account") function is used to enter funds spent. Despite the misleading title, it is the function for entering several types of payment methods including Cash, Direct Debits, EFTPOS and of course, cheques.
You can also choose to enter your bill payments this way IF YOU HAVEN'T ALREADY ENTERED THE BILL!

On the bill or cheque, you would use the supplier's name and post the transaction to the appropriate "Expense" account (eg Fuel, Stationery etc) or for inventory, enter the item & quantity on the "Item" tab.

Hope this helps ........
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Old 04-04-2009, 04:17 PM
pimpenugal pimpenugal is offline
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Here is how I did it. I got this advise from allexperts dot com.

When you first set up your books, you can enter the total value of inventory on hand with a journal entry
account type amount
line 1 inventory debit total amount on hand
line 2 opening bal equity credit same amount as line 1

You would keep your inventory up to date by entering your bills or writing checks to pay your vendors - you would use the account inventory (not cost of goods) this would have the net effect of increasing your inventory with each check written or bill entered. The inventory would then be reduced with the daily sales entry that you make like this.

service item - gross sales 3000.00 account income
service item - inventory reduction 2000.00 account inventory
service item - cost of good -2000.00 account cost of goods

Thanks shazinoz for reply to my question.
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