I want to set my Chart of Accounts up with a Cost of Goods Sold section to record purchases under this group and then have a section for Operating Expenses - is this possible
Yes. Of course you’ll need to enable the Inventory Item
s tab. See this Guide:
When you create your first inventory item, Inventory - sales
and Inventory - cost
accounts automatically appear. You could rename the latter as Cost of Goods. Or, if you have other things that factor into cost of goods sold, you can create a Cost of Goods Sold group in your chart of accounts, put the Inventory - cost
account into it, and add accounts for other things that go into your COGS. See this Guide:
hi any one guide me I LOST MY INCOME CATEGORY In my group account now there shown Non Categorized
Just click edit next to Income and re-categorize or show a screenshot of the P&L Chart of Accounts
Thanks for your Response
But Friend…Editing Option not Activate so that I can not Edit…
Ok, can you please post a screenshot so I can see what you see.
Re-reading your first post, perhaps the Income Group account needs to be re-created, as generally the Income Group heading remains uncategorized
Income not being displayed as it doesn’t exist - create it as shown above
i did but it not working
i create INCOME but Both Account Are display in Summary I Can’t rename UnCategorized to INCOME
Thanks i got it