Welcome to The VENDiscuss Forums

Register now to gain access to all of our features. Once registered and logged in, you will be able to contribute to this site by submitting your own content or replying to existing content. You'll be able to customize your profile, while also communicating with other members via your own private inbox! After 1 approved post you are able to access our download section. This message will be removed once you have signed in.

Pops

Gnucash for accounting

3 posts in this topic

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.

Share this post


Link to post
Share on other sites

COGS is a special expense account for your cost of goods.

you need a asset account named "inventory" or something like that

Share this post


Link to post
Share on other sites

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?

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now