Hi, I just started to use Quickfile and am yet to upload/enter any data. We have a serviced accommodation business where accounts that make up the cost of sales will appear under general expenses for other businesses (eg costs for laundry, cleaning, utilities, rent, leasing, card processing etc). How do i check where each account on the reporting structure maps to the P&L - basically which account codes map to cost of sales and which ones map to expenses? I want to make sure that when i upload my data that Cost of Sales and Expenses are well classified on the P&L
It’s done entirely by the code prefix, you can see in the headings on the Chart of Accounts page that it says “Sales (4000 - 4999)”, “Purchases (5000 - 5999)” etc.
“Purchases” are cost of sales, all the other expense codes are treated as expenses coming out of the gross profit.
Thank you so much for this! This is totally helpful! Where can I see the headings you mentioned above - “Sales (4000 - 4999)”, “Purchases (5000 - 5999)” ? I downloaded the chart of accounts but it didn’t have the explanation above.
I’m talking about the white on blue section headings when you go to reports -> chart of accounts.
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