I know there is several topics on this and sorry if I repeat something but I searched and could not find the solution if there is.
I am helping someone recording their business selling toys and he doesn’t keep track of what he is selling. He just says his average GP is 75%. Is there a way that one can do a sales invoice and the it automatically does a cost of sales. Just asking otherwise the option remains only to do a manual journal once a month?
But maybe there is some mechanics behind the scenes which I don’t know yet how to do it directly from capturing a sales invoice.
I doubt the toy retailer set each type of toys gross profit differently.
Then is better to create the inventory by group of toys to make things quick.
checkout the inventory tab and reports.
the Inventory Profit Margin Report can only be use if the inventory column being used explicitly, if by account column you won’t able to get it from the report.
if you’re using journal entry then you have to calculate manually or by spreadsheet.
For retails business of small items. using spreadsheet to calculate and create report is easier than rely on Manager’s report. since the mentioned retailers not the type to keep the records in detail especially inventory.
I am not looking for a report but rather only creating a invoice and the 75% difference is cost of sales?
Don’t know whether this is possible in Manager that is why I am asking. I doubt it.
In other words I only want to create the sales invoice and the cost of sales is created at a 75%? I highly doubt that it is possible but asking if there is some way?
why would you want to ‘show’? cost of sales in invoice?
I don’t think manager have that kind of function. usually the sale of inventory and cost of inventory are set at inventory tab. at a price but not in percentage
The only way to get the cost of sales when you have purchases and expenses relative to the sales.
Checkout Chart of Accounnt in settings.
Thank you. However I dont want Cost of Sales in the invoice. I want when I create an invoice it does the cost of sales somehow. He got the stock once off and he does not record what he bought (whether it books or toys). He just sells at a 75% GP. Again not sure whether Manager can do that it automatically deducts the 75% when an invoice is created and posts a cost of sales entry once you create an sales invoice. I dont think it possible as there are no % values in the inventory tab.
You cannot do this. Cost of sales shows up automatically in Manager in an account named Inventory - cost. Entries into this account are based on current average cost of the inventory item at the time the item is sold, either via receipt or sales invoice. Since your friend/client isn’t tracking inventory or recording his purchases, there is no way to obtain this information. Further, since he is only guessing about his costs, he isn’t really doing double-entry accounting. At best, he is keeping a cash book with records of payments and receipts. At worst, he is completely wasting his time.
I was thinking the same. I thought it was not possible and just ask if there was some clever way to do this. However I believed it wasn’t possible and agree on he needs to properly record his sales and receipts. He has not done so in a whole year and now has asked me to bring everything up to date from March 2017 …
Thanks for the help as always
You can bring him up to date if he has records of all receipts and payments.