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Join nowHi, everyone. We buy computers and monitors at distributer prices and then charge retail. We do not keep them as inventory, just as we need them for specific jobs. Would I categorize those purchases at COGS or expenses?
Neither, in the chart of accounts create a new COGS account for Cost of Sales (COS) and post the purchases to that account
Thank you for your response! Is there a way to know how much we make off of these purchases? Like a report to run? What info would I need to make sure is in QB to do this? Thanks again for all of the help!
When I go to create the Cost of Sales account, the options I'm given are:
Cost of Labor- COS
Equipment Rental- COS
Other Costs of Services- COS
Shipping, Freight and Delivery- COS
Supplies and Materials- COS
Would it be Supplies and Materials? Also, now I'm wondering if I have been categorizing other purchases incorrectly? We buy supplies (batteries, cables, tools) while on jobs and I created a Supplies and Materials expense account for these purchases.
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