I’m sorry if I missed something but didn’t see anything like this in the forum.
I purchased a used piece of equipment to use as a trade-in for another customer. The trade-in value is actually set by the manufacturer and is based on a range of products.
The invoice to the customer is
TriCaster Mini 4K = $8995.00
Less Trade-in credit = -1800.00
The manufacturer gave me a discount on the product invoice to offset that trade-in credit. The customer getting the sale didn’t actually own a product to trade in but another customer just wanted to offload an old product and offered theirs. That customer is getting $200.00 for their unit.
I planned on simply sending them a check and using the Receipts/Payments area to apply that check to Inventory COGS. Unfortunately I don’t seem to have access to that expense account from within the Receipts/Payments area although I do have access to a secondary Inventory Cost account I set up for other items.
Do I have the main Inventory Cost account set up incorrectly or is that account just never going to be available from the Receipts/Payments area of the program?