Hi, What would be the journal entry in quickfile for cost of sales. All my stock purchases have been entered as general purchases and the daily show takings posted as a sales invoice as suggested. Just wondered how the cost of sales is accounted for . Thanks in anticipation
Cost of sales is derived from the ‘Purchases Category’ in the Chart of Accounts, nominal code range (5000 - 5999):
5000 General Purchases
5001 Materials Imported
5002 Miscellaneous Purchases
5009 Discounts Taken
5101 Import Duty
5102 Transport Insurance
5200 Opening Stock
5201 Closing Stock
As you can see from above nominal codes, codes 5200 & 5201 is for stock movements on the P&L.
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