In your case,
The entry as follows
**Sale of Fish**
Debit - Sales 4000$
Credit - Bank/Cash 4000$
**Cost of Sales of Fish**
Debit - Ice Fee 100$
Fishing Fee 500$
Reception Fee 200$
Sales fee 200$
Credit - Cash/Bank 1000$
First Create Relevant Account by set the chart of accounts (COA) via settings. Add Expenses and Income Account.
In your case.
Income - Sale of Fish
Expense - Ice Fee
Then go to Bank/Cash Accounts module tab, create new bank/cash accounts.
After created the said bank/cash accounts.
Then go to Receipts and Payment module tab,
New Receipt to record Sales of Fish transaction,
New Payment to record Cost of Sales of Fish Transaction.
(Be sure to select your Bank/Cash Account when creating the entry)
Within New Receipt to record Sales of Fish Transaction,
Select relevant income account - ‘Sale of Fish’ Income account and define the amount of 4000$. Then select ‘create’ below to record the transaction. after you define the correct date that is…
Within New Payment to record Cost of Sales of Fish Transaction
Select relevant expense account - ‘Ice Fee’, ‘Fishing Fee’, ‘reception fee’, and ‘sales fee’ Expense account and define the amount of 100$, 500$, 200$, and 200$ respectively. Then select ‘create’ below to record the transaction. after you define the correct date that is…
Check Summary module Tab to see the effect… Edit the Summary settings to accordingly, like accounting method and Show balances for specified period.