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HANNAH74
Level 1

In Banking page - I buy goods to re-sell - What category would this go under?

 
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Best answer January 31, 2020

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EmmaM
QuickBooks Team

In Banking page - I buy goods to re-sell - What category would this go under?

Hello Hannah74

 

As we are not trained accountants we can not give you advise on what expense account to use, there are set expenses categories such as supplies/cost of sales

You can set up your own chart of account  by going to accounting>chart of account>new >expense(account type) in detail type it would a case of selecting the closest one to what you want and then in name you can name it whatever you like and then save and close

 

If you are unsure you can always confirm with an accountant.We welcome any input from any other Community users who have encountered the same thing

 

Emma

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2 REPLIES 2
EmmaM
QuickBooks Team

In Banking page - I buy goods to re-sell - What category would this go under?

Hello Hannah74

 

As we are not trained accountants we can not give you advise on what expense account to use, there are set expenses categories such as supplies/cost of sales

You can set up your own chart of account  by going to accounting>chart of account>new >expense(account type) in detail type it would a case of selecting the closest one to what you want and then in name you can name it whatever you like and then save and close

 

If you are unsure you can always confirm with an accountant.We welcome any input from any other Community users who have encountered the same thing

 

Emma

paul72
Level 8

In Banking page - I buy goods to re-sell - What category would this go under?

It would usually be Cost of Goods Sold or Cost of Sales.

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