Pops Posted February 3, 2013 Share Posted February 3, 2013 Anyone using gnucash accounting software for accounting your vending business? I just started playing with it. I have it set up fairly well except for the inventory/COGS piece. Currently I have COGS as an asset. It seems like their should be a corresponding expense for it? Also I don't understand how enter sales so that it depletes COGS? It seems like this should be a simple topic that has been thoroughly covered and solved in the past, but I am struggling to find an answer both online and on this forum. Link to comment Share on other sites More sharing options...
amc-vending Posted February 4, 2013 Share Posted February 4, 2013 COGS is a special expense account for your cost of goods. you need a asset account named "inventory" or something like that Link to comment Share on other sites More sharing options...
Pops Posted February 4, 2013 Author Share Posted February 4, 2013 So how do I book-keep this basic scenario: purchase inventory with credit card and then I go to collect cash from machine and restock using the inventory Booking: credit card is charged transfers to inventory increases? Sale is income transferred to pay credit card and inventory is charged transfers to cost of goods sold? Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.