Cost of Goods Sold Account Type
In the chart of accounts for cost of goods sold, should the type of account be expense and the name be cost of goods sold? Will this show on the P&L correctly?
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lynda
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06/15/11 3:45pm PDT
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They end up both being expenses.
Cog is for the cost of doing business. (Job related costs)
Expenses is for what it costs to do business. (office supplies, etc.)
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Lynda Artesani
Artesani Bookkeeping
www.artesanibookkeeping.com
Lynda Artesani
Artesani Bookkeeping
www.artesanibookkeeping.com
