I own a business that buys product and resells online. We also make products and sell them online. I have set up separate Inventory Asset accounts for each type, like this:
I have corresponding COGS accounts for each, like this:
I have some things that I already own that were either gifts or I just can’t remember what I paid for them. I entered one such item in Inventory Items and set up the beginning balance to “1” so it would show Qty. on Hand. I didn’t put in a cost because it was a gift to me and didn’t have a purchase cost to me. It looks like this:
I recently had this comic book graded. This cost is specific to the item and I paid for it from my business checking account, no purchase order involved. How do I post the cost to the item? The cost would then be COGS. It should automatically post the cost to COGS when the item sells. It is not a purchase cost. Would I need a separate COGS account for that cost?
Also, any suggestion on how to track the items as contributions? Maybe a custom field or something? I don’t like to include that info in the description or the item code but that’s how I do it right now.