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I have also just noticed that when we sell a product, Inventory is not going out of our Inventory Account. Product is coming in on Vendor Bills, but not going out on Sales Invoices. Help!!!!
I am wondering why when we create an invoice that the Cost of Goods Sold is not showing up on our Profit and Loss Statement.
I am using Categories to hold the Chart of Accounts as follows...
What am I doing wrong?
OK...got this figured out now. Can not believe that nobody in the community could tell me this. It is so simple. If you look above at my Highlighted screen shot in my first post. There is a drop down when editing the Category. As the screen shot shows, I have selected the Inventory Valuation as "Periodic (Manual)". What I wanted was the only other choice in the drop down which is "Perpetual (Automatic". Apparently there must be a reason out there for companies that want to do their own entries for Cost of Goods or Inventory Adjustments Periodically.
Thanks. Solved my ish
Hi Matthew Merhaut,
There are 2 possibilities for this situation.
1. The Expense Account you are selected in the Product Category is not an account of account type Expense.
2. The Expense Account you are selected for Product you are purchasing is not an account of account type Expense.
Thank you.
My Expense Account (500000 Cost of Merchandise) is setup as a "Cost of Revenue" account. Is that wrong? Should it be setup as "Expense Account"? That seems strange to to me.
Oh, and I leave the Income and Expense Accounts blank on the products so the Category should be used.
Avinash...I changed all of my Cost Merchandise Accounts to Expense accounts and still nothing is showing up on my P/L Report. I am using Anglo-Saxon Accounting. Wonder if that is what I should be using. I am very confused about this.
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I have the exact problem as stated by Matthew.
was this issue solved? as i have the same issue