Thank you for answering so quickly. I just want to clarify what you said about changing the COGS that I have now, (for every invoice that came in just in that month) to when I enter the items off the invoice and into the correct account, should it a Food Expense or Food - COGS? Meaning should I have both?
I was wondering if you could help with the following issues. I have been entering purchase invoices into QB desktop as what ever item it is, so Food Cost of Goods Sold. So the owner is now looking at the numbers and asking why we have a loss. So I said we need to enter inventory. So as I said all items we buy is under COGS. My first question would be should I change all of those to Expenses instead of COGS? And if so, what new accounts should I add? When she starts giving me the inventory numbers in the beginning of the week and at the end of week, we want to do a journal entry instead of using QB for that. So I'm not sure how I would set up the journal entry and what accounts do I need to add or change.
I hope you get what I mean. I'm about to lose my mind over this. I use to know this stuff back in the 90's, but I didn't use it after that. Plus now with QBs doing everything. Oh 1 more question. Do we have to close each month out like we did manually or does QB do it? I have been told two different answers.