How to create accounts: purchases, beginning inventory and ending invty

1

Hello Forum,

Kindly help us how to format the Cost of Good Sold like pattern below:

Less: Cost of Sales

Purchases
Add: Beginning Inventory
Total Good available for sale: ______________
Less: Ending Inventory
Gross Income: _____________________

2

You can review the Chart of Accounts Guides - Guides | Manager

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3

Thanks Tony I tried everything chart of accounts guide but to no avail.

4

Manager uses the Average Cost method of valueing inventory and calculates the cost of goods sold based on purchases

If you want to use a different, you can but you will have to use journal entries and you will not be able to use the built-in inventory valuation repirts

5

Thanks Tony I explored and it worked. I will test using journal entries and if it works using perpetual inventory system.

6

The specific guide that shows you how to create Groups and Totals to build a Trading Statement within a Profit & Loss Statement is - Build a chart of accounts | Manager.

1 Like
7

Thanks Tony grateful to your suggestions. It’s just a matter of exploring and testing. This software is such friendly to use.