Hi there,
I have the following account to keep track of expenses in our cafe that
are goods purchased for resale:
5009 - Cafe Supplies for Resale AP_amount,IC_expense,IC_cogs
Everything is normally done through AP transactions, with corresponding
sales put through a separate "4001 - Cafe Sales" account that is
configured as AR_amount, IC_income, and IC_sale.
Do I need to have a COGS account in this case? Is it safe for me to
remove the IC_cogs from the account?
I have asked my accountant for advice but unfortunately they can't give
me advice on how to configure SL Ledger ;(
I would appreciate any assistance anyone can provide..
Regards
Phil
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