I’m converting a chart of accounts from another program into Manager. It appears that your program will create a COGS sold account and that everything (including shipping) will be broken down by inventory item. that will take some getting used to for me, but okay.
However, I also currently have a ‘fees’ and ‘shipping’ category that are always included in my cost of sales - this includes shipping charges and charge card fees/PayPal fees that I don’t consider a general cost but a direct cost of making a sale. In the case of the shipping charges, I also have a Sales category called shipping - that would be the shipping charged on the actual invoice. the general idea is to make sure that the Sales - shipping and Sales - COGS accounts pretty much cancel each other out (although we cover shipping for customers in some cases.
What would be your suggestion for best handling this in Manager?
Thanks in advance!
Firstly you structure your Chart of Accounts to reflect the required accounts - such as
For the shipping charged on the actual invoice you could use Settings > Non Inventory Items.
Refer to the Guides
Thanks but where did that Less: Cost Of Goods Sold come from? It does not appear in my chart of accounts. In the world I’m used to, that would be a section of it’s own and then there would also be a Less: Expenses (which i do seem to have) I added an inventory item in just to see if that made it appear and it did not.
AND - how do I get expenses to actually ‘group’ in that way? (I have an Income item but it is not bolded - it just seems to be another account.
I can’t make a control group in expenses and the ‘new total’ button makes a listing but I don’t seem to be able to attache any accounts to it.
Sorry to be so clueless but the Guide doesn’t seem to answer the specific questions I have so I assume I’m thinking about it all wrong.
Thanks.
It is not clear what Guide you are referring to. Have you read this one: Build a chart of accounts | Manager? That’s the one that explains how to create groups, which is what you seem to envision, as well as what @Brucanna showed in the example. (The “Less: Cost of Goods” is a group. The “Less” terminology appears when you check the box to indicate the group is for expenses.
The actual cost of goods sold account is named by default as Inventory - cost, although you can rename it. It will not appear until until you actually sell an inventory item. Then it will appear automatically.
You also might want to read the three-part Guide series on how to manage inventory.