How to account for Cost of Goods Sold?

Accounting
1

I’m trying to balance my sales with Finished Goods. As I understand it, I need to debit COGS and credit Finished Goods. But I don’t know what nominal account Quickfile uses as Cost of Goods Sold. Can anyone help? Thanks :smile:

2

COGS is generally Opening inventory + purchases+direct expenses- closing stock.

If you are keeping flow of manufacturing process from buying raw material to WIP to finished goods then you can create another account and call is Cost of actual goods sold

3

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