when I click the Inventory cost link it shows me the inventory sales (in the summary tab). This is also effecting my balance sheet it show Inventory cost & Inventory sales of same value.
Even i was worried about it.
its not showing inventory sales , its showing inventory cost (cost of goods)
once you go through and compare sales invoice tab and inventory cost link from summary tab you will understand the difference.
This is what it show after I click on the “inventory cost” link in the summary tab…
this is effecting me on various levels…
please guys can someone help or knows how to correct this error
@john1793, those transactions should be there though. It’s not en error. When you purchase inventory items, they are your assets. They became your expense only after they are sold or written-off.
In your case, selling them, will cause their value to be moved from assets to expenses. That’s why you see sales invoices creating these expense entries.
What I can do better is to improve the look of this screen so these transactions are easier to understand even for those who think this is an error. I’ve already added this to my to-do list.
I purchase different categories of products and list them as part of inventory. i want to classify them under different cost headings like; women fashion, computers and accessories etc, I also want these categories in my sales account when sold. Manager only record all the sales and purchases as sale of inventory item and purchases of inventory item.
is there any help for these categorization as they are different items and I want to know which items are profit making?
What you need owu102 I also need to do. Any way to allow users to create sub accounts for all accounts in the settings tab? This would solve a multitude of issues for lots of users.
Have a look at the Roadmap. Custom control accounts are coming.
I’m confused…again…not very hard to befuddle me. I reviewed a sub account thread and found some notes about it being there. I have version 16.2.77 updated today and don’t see how to do it but found this image in that thread clearly showing sub accounts. If this person did it, how did they do it? Are the MAC and PC versions different?
Mac and PC versions are identical. What you are looking at are not custom control accounts, as those are not available yet. The illustration is merely a customized chart of accounts with groups, not subaccounts. In the current versions, subaccounts exist for just a few control accounts. For example,
Accounts receivable is a control account and the various customers have subaccounts. Same with
Fixed assets and the individual asset subaccounts. So I repeat my earlier response: custom control accounts are coming–still in development.
That thread is showing “sub-totalling”, grouping accounts together to provide a sub-total - not sub-accounts. This is done by using the “Code” option when creating/editing a chart of account. Note the greyed numbers next to the account names, that is the codes they have used.