How can I create a new set of inventory items that can be linked to a new account of COGS. I want these type of goods to be reported separately on sales, and COGS. I tried creating a new COGS and Sales accounts but when I entered a sale the COGS was reported in the other COGS as the inventory items were added to the original group.
You need to edit each of the Inventory items and tick the Custom Income & Custom Expense account boxes, then you can allocate then to any sales & cogs accounts you choose
@Brucanna Its ironic this question coming up as I am struggling with the very same thing today.
I am not sure if I am trying to do the same thing as the OP. What I want to do is have the following on the Summary Sheet
Inventory Purchases - Computer Purchases
Inventory Purchases - Laptop Purchases
The problem with using Custom Control Accounts is that I would get Computer Purchases and Laptop Purchases on the balance Sheet. So custom Control Accounts is not what I am looking for. Also I think that if I used Custom Control Accounts for inventory it would lump both purchases and sales together I think?
Sub Accounts would be a step in the right direction as I could have Inventory Purchases and then all my Inventory Purchases Accounts underneath the heading Inventory Purchases using the Custom Expense Account in inventory. However, I would ideally like to have Inventory Purchases showing on the Balance sheet and then click a plus to expand and view the individual Inventory categories instead of having a dozen Inventory Categories on the Balance Sheet as it were. So Sub Accounts and Custom Expense Accounts is not really what I am looking for as its not desirable to have dozens of different inventory accounts showing on the balance sheet - for the purposes of the balance sheet, one wants inventory purchases.
I have looked at the Custom Income Account and Custom Expense Account but this seems to be similar to Custom Control Accounts expect that instead of one account for both purchases and sales you can split the account into expense and income accounts - I am not actually seeing the point of custom control accounts for inventory given that most people want to split the expenses and income into two different accounts.
In short, can I do what I am trying to do which is show inventory purchases on the balance sheet and then see subcategorise the inventory purchases into Computer Purchases, Laptop Purchases etc?
@dalacor, what you are describing is similar to the Cash Accounts tab where you can have Cash & Cash Equivalents (parent account) on the Balance Sheet but on the drill down you can get to the various petty/bank accounts (sub-accounts).
Haven’t downloaded the latest edition but I suspect not due to the fact, when you open a new cash account - it is actually an account where as with new Inventory it’s an Item not an account.
The situation is that various users want different things from Custom Control Accounts - take Fixed Assets (or Inventory) - both consist of individual items.
Some users may only want the parent account (Fixed Assets) on the Summary/Balance Sheet Report and the ability to drill down to the sub-accounts (m/v, f&f, l&b), others may want to see the sub-accounts being actually shown on the Summary/Balance Sheet Report
At this stage it seems that Custom Control accounts are individually listed accounts, perhaps future enhancements will cater for both this full display and the parent/sub-account type display.
The size of the impact really depends on the split up of inventory desired - just Computers or Desktop Computers + Laptop Computers + Note Books.
The same full display of accounts also applies to Custom Income/Expense accounts but that makes more sense as then you analysis your sales mix and profitability per mix type.
I am going to open a new post so that I don’t hijack the OP’s thread. I think that I have an idea how it all works and I think that I need a feature request to accomplish it.
Thanks Brucana. This worked perfectly for me!