while i handle default chart of account in openerp i found Cost of Sales it's income view in Account Type that's right or wrong because i know Cost of Sales must be expenses only so why openerp make it as a income
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Hello,
after sale order confirm and validation , the account entries will be like
partner account : debit =100
company revenue (product sale account) : credit =100.
so this should be type income. ,deduct from partner account against income account of company
hope this will clear.
Many Thanks.
hello, sir i appreciate you answer but if we go to Profit and Loss report in accounting Reports you will find Cost of Sales in income section but this is wrong here according to accounting principals
Hello, when you do sale entries . in OE receivable account (partner account) will debit and sales account will (product sale) credit.so it should be income. how can Cost of Sales must be expenses ...??
sir I talk about cost of sale account not product sale account
Cost of sales is definetely not an income! This is an expense representing the costs of the service/product sold.
