i’m trading company, buy and sell goods, then i buy a lot of stock, but sell only some items, so how quickfile do my profit and lost report, because they just use revernue - expense = profit. but they dont care about inventory . am i misunderstanding ?
QuickFile doesn’t have a stock system built in, so we’ve no way to account for this.
Any stock you do have can be entered through journals (this thread may help). This however would show on your balance sheet report rather than profit and loss.
Profit and loss will take into account sales invoices and purchases, whereas balance sheet takes into account assets (like stock and furniture) and liabilities (such as loans).
Thank for your reply, can i have your number ? i just want to call to clear some question about how to do accounting with quickfile
We don’t offer telephone support I’m afraid, but you’re welcome to post any questions here and our support team and other members are hand to help
alright. thank you anyway
please help me one more question
i see cost of goods sold = beginning inventory + purchases − ending inventory. so how quickfile calculate cost of sale without inventory ?
Everything is assigned to a nominal code (think of it like a category for your purchase). All of these can be seen by going to Reports >> Chart of Accounts. When you enter a purchase or sales invoice, you can select them on a line-by-line basis.
The chart of accounts is split into a few different sections:
- Sales (4000 - 4999)
- Purchases (5000 - 5999)
- Direct Expenses (6000 - 6999)
- Overheads (7000 - 9999)
The cost of sales is anything within the Purchases category. Normally when you enter a purchase of stock, or another item to be sold to a customer, you would enter it as a “General Purchase” (which is nominal code 5000)
i see, thank you for your support