Inventory Sale price

Allison_S

Could someone please explain how to have a difference between cost and sale price without having to continually enter a sale price on each invoice

QaisE

HI @Allison_S, thank you for brining this up in our Community! From what I'm seeing, you already have a ticket with my colleague, Aislinn, who provided a pretty comprehensive response. Was she able to provide the support you were looking for? I will post her response here for you and others in the community to see should they have the same question:

I recommend you create a Cost of Goods Sold (COGS) account in Accounting > Chart of Account for your product under the Expenses tab. This will be used to categorize any purchases you make in order to create or resell your products.

For example, if you buy materials from a vendor, you can add the material under Purchases > Products & Services. The expense account for the product would be set to your COGS account. When you record a payment for the bill, the purchase amount will be automatically categorized to the COGS account. This will be completely separate from the cost of the products you add to your invoices.

The COGS account will appear in your Profit & Loss report, and will be subtracted from your total income to help you get a better picture of your revenue.