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Gnucash for accounting

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2 replies to this topic

#1
Pops

Pops

    Noob

  • BASIC +
  • 11 posts
  • State:GA
  • Vending Type:Full Line
  • Vending Since: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/cost of goods piece. Currently I have cost of goods 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 cost of goods?

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.

#2
amc-vending

amc-vending

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  • SUPPORTER
  • 880 posts
  • State:Texas
  • Vending Type:Full Line
  • Vending Since:2009
cost of goods is a special expense account for your cost of goods.

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

#3
Pops

Pops

    Noob

  • BASIC +
  • 11 posts
  • State:GA
  • Vending Type:Full Line
  • Vending Since: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?






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