Setting up group account

[Tut]

Yes. Of course you’ll need to enable the Inventory Items tab. See this Guide:

Simplify Manager

Simplify left-pane navigation in Manager and reduce overall program complexity by enabling only those functional tabs you actually need. Disable tabs you don’t need. This simple change does more than reduce scrolling past unused tabs. It will also: Rid your balance sheet of automatically generated accounts you won’t use Limit options under Settings and Reports to ones related to transactions you actually enter Eliminate unnecessary check boxes, data fields, and dropdown menu choices as you ma…

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:

Set up chart of accounts

When setting up a new accounting system, usually you start with the Chart of accounts. But what is the Chart of Accounts? Definition on the Internet says: The chart of accounts is a listing of all accounts used in the general ledger of an organization. What does this even mean? Well, let’s look at a sample balance sheet which is a key financial statement that will be required for your business: [image] A balance sheet is a report of the assets and liabilities of a business. Every asset o…