Reselling - Trying to understand Cost of Goods Sold

[QFSteve]

Hello @Comfort

Here are some similar answers from the forum along with and example of an opening and closing stock journal from the knowledgebase.

Costs of sales and inventory updating

I’d welcome some simple guidance on how to proceed. I sell item-x which I buy in bulk. When I buy I want to add the cost to my inventory asset nominal. When I sell one or more item-x’s I want to add the cost to the appropriate cost-of-sales nominal for p&l purposes and I want to subtract the cost from my inventory asset nominal. Do I simply raise the appropriate journal transfers, or can I define rules somewhere to automate this procedure?

Assets/Stock on QF

I think the usual method would be to journal the relevant nominal. There is no inbuilt asset management/depreciation tool.

https://support.quickfile.co.uk/t/journalling-opening-and-closing-stock-totals/15272