Home› Community Chat› Wave Discussion › Using Wave

[How to record] Sold inventory (bought at past years) in this year

KrysicaJKrysicaJ Member Posts: 1

Hi,

A newbie here trying to record my Sales & COGS.
The sales were reflected correctly in this year, however, the COGS is reflected in the financial year when I bought, instead of this year's.

How can I adjust the COGS into the correct financial year, which is in this year?
Thanks in advance!

edited March 5, 2021 in Using Wave

Comments

  • NancyCNancyC Member Posts: 148 admin

    Hey @KrysicaJ , welcome to Wave! It sounds like you've been recording COGS at the time of purchase, and you've recorded your Sales when the inventory is sold. Aside from recording the sale, each time you make a sale of an inventory item, you will also have to record a journal transaction to debit your inventory cost of goods sold account and credit your inventory asset account. You can make this journal in Accounting > Transactions > More.

    Please refer to this article from our Help Center for more information!

Sign In or Register to comment.