I was looking for this too. Doesn't seem to be possible.
What I did was create a new Account under COGS, then filter my Transactions to the 'old / wrong' Expense Category and Bulk Categorize them to my new COGS account.
Not sure if this is a "work-around", or actually how the systemshould work. I guess you're not meant to be able to move Accounts between sections of the Chart of Accounts.
In my business, I buy raw materials (spices and nuts) and packing material (boxes/bottles) etc. I use them to create finished products (spiced roasted nuts that are bottled and boxed). All my raw material purchases are on my credit card. My questions are:
Can I mark all my raw material purchases in Wave as 'Cost of goods sold' since they are being used to create the product that I ultimately sell?
If not, what should be the appropriate category for these purchases?
If yes, how do I mark these transactions so that they appear under 'costs of goods sold' section?
sxg34
The raw materials you buy would be properly classified as Materials or Purchases under cost of goods sold. If you don't have an account, then you would need to set one up. Go to Chart of Accounts under Accounting. Go to Expenses and find Cost of Goods Sold. Create the account. While you are there, you can create one for supplies and expense the bottles and packaging in that account. Hope that helps.
Mike G, CPA
www.mgfinancial.net
Better Service - Better Pricing
Hi,
I am confused. I am a web developer and graphic designer. I need the following and would like to know how I can achieve it in Wave.
So I have a client who want a website. I charge them £1000 including server and domain and plugins. I have an invoice from the server company for £100 and I have three more invoices from the plugins company of £25 each. Totally £175.
So £175 is total cost of good. This is inclusive in the £1000 invoice. But how do I add the web server, domain and plugins as a cost in the invoice for my accounting?
Hey @Shakx! Just letting you know that I've merged your comment into a discussion that was pretty similar to your inquiry! I believe Mike G has offered a really solid workflow above that you can use in order to account for those costs of goods sold!
@Mikeg said:
sxg34
The raw materials you buy would be properly classified as Materials or Purchases under cost of goods sold. If you don't have an account, then you would need to set one up. Go to Chart of Accounts under Accounting. Go to Expenses and find Cost of Goods Sold. Create the account. While you are there, you can create one for supplies and expense the bottles and packaging in that account. Hope that helps.
Mike G, CPA
www.mgfinancial.net
Better Service - Better Pricing
russelllouisdesign
Member Posts: 1
Comments
I was looking for this too. Doesn't seem to be possible.
What I did was create a new Account under COGS, then filter my Transactions to the 'old / wrong' Expense Category and Bulk Categorize them to my new COGS account.
Not sure if this is a "work-around", or actually how the systemshould work. I guess you're not meant to be able to move Accounts between sections of the Chart of Accounts.
In my business, I buy raw materials (spices and nuts) and packing material (boxes/bottles) etc. I use them to create finished products (spiced roasted nuts that are bottled and boxed). All my raw material purchases are on my credit card. My questions are:
Thanks!
sxg34
The raw materials you buy would be properly classified as Materials or Purchases under cost of goods sold. If you don't have an account, then you would need to set one up. Go to Chart of Accounts under Accounting. Go to Expenses and find Cost of Goods Sold. Create the account. While you are there, you can create one for supplies and expense the bottles and packaging in that account. Hope that helps.
Mike G, CPA
www.mgfinancial.net
Better Service - Better Pricing
Hi,
I am confused. I am a web developer and graphic designer. I need the following and would like to know how I can achieve it in Wave.
So I have a client who want a website. I charge them £1000 including server and domain and plugins. I have an invoice from the server company for £100 and I have three more invoices from the plugins company of £25 each. Totally £175.
So £175 is total cost of good. This is inclusive in the £1000 invoice. But how do I add the web server, domain and plugins as a cost in the invoice for my accounting?
Does that make sense?
Hey @Shakx! Just letting you know that I've merged your comment into a discussion that was pretty similar to your inquiry! I believe Mike G has offered a really solid workflow above that you can use in order to account for those costs of goods sold!
@ConnorM Where can I find that workflow?
@DoohikeyDesigns104