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Pops

Gnucash for accounting

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Pops    0

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.

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amc-vending    68

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

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

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Pops    0

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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