Total Cost of Sales

hi, new to this & was wondering if someone could tell me how do I log Total Cost of Sales under profit & loss report. many thanks in advance, steve

This post may help you:

show monthly cost of sales

Anything you log to the nominal categories Joe describes will be considered as “Cost of Sales”.

hi, I logged everything as stock but when I click on profit & loss report, total cost of sales is zero and there is no way to adjust it. many thanks.

You need to make sure that you have not posted to the wrong stock nominal account i.e. 1001 Stock [asset] is a balance sheet nominal code and is used to journal your opening and closing stock figures. Please check and make sure you have not posted the transactions to 1001 Stock [asset].

Codes 5200 & 5201 is for the opening and closing stock movements on the P&L. You should log all purchases to ‘General Purchases’ and then enter a journal for the closing stock, this will need to be obtained at the end of the accounting period/year by physical verification of stock and its valuation at cost or market price, whichever is lower.

Once the closing stock value is obtained, enter a journal as shown in the example below:

You can access the journal system through the full chart of accounts (COA) from your dashboard by clicking ‘Reports >> Chart of Accounts’ from the top navigation menu, followed by ‘New Journal Entry’.

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