Total Cost of Sales

[StephenMill]

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

[Glenn]

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”.

[StephenMill]

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.

[Joe]

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’.