RE: [SL] COGS

[Danny B. <da...@fu...>]

On Sun, 2004-09-19 at 10:45, Paul Tammes wrote:
> I tend to agree here; if these are the facts it would future income (you
> invoice something not yet delivered) 
> Delivery would be practically impossible since you did not buy the computers
> till January, so all you COULD have sold was air, titled 'computers yet to
> be delivered somewhere next year'. 


I think I will contact a local CPA, it would be impossible for the
government to balance books, if I claim this as income in 2004, and my
client claims it as an expense last year, it would not look right. Not
saying that the tax man in Canada can actually balance the books. Still
though, I did buy the parts in 2004.



> Unless of cause you sold OLD stock, in which case the COGS and revenue are
> both in 2003 and should be. The new computers that replace the sold stock in
> 2004 are not to be taken into account in 2003 then I would suggest.
> 
> You DO take inventory (physical count) and take actual stock into account I
> take it?
> 
> -----Oorspronkelijk bericht-----
> Van: sql...@sq...
> [mailto:sql...@sq...] Namens Mike Mylonas
> Verzonden: Sunday, September 19, 2004 3:48 PM
> Aan: sql...@sq...
> Onderwerp: Re: [SL] COGS
> 
> Hi Danny,
> 
> On Mon, 2004-09-20 at 01:20, Danny Brow wrote:
> > To better explain this I will give you all the details.
> > 
> <snip>
> > All I wanted was to see if any one else was having the same issues as I.
> > If you got a minute and you've sold stuff in a prior year and bought the
> > product in the year after it was sold, do an income statement and then a
> > trial balance and see if your COG shows up the same on both. And let me
> > know. 
> 
> Unfortunately I cannot comment as to the requirements of your local tax
> laws, in New Zealand, we would treat the above senario as "Income in
> Advance", as you have not actually earnt the income until the goods are
> supplied (being in the next financial year).
> 
> >From my perpective the issue seems to be one of an accounting
> methodology rather than an issue with SQL-Ledger.
> 
> I hope that helps shed some light
> 
> Regards
> Mike
> 
> 
> 
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