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January 31, 2020
Solved

In Banking page - I buy goods to re-sell - What category would this go under?

  • January 31, 2020
  • 2 replies
  • 1 view
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Best answer by EmmaM

Hello Hannah74

 

As we are not trained accountants we can not give you advise on what expense account to use, there are set expenses categories such as supplies/cost of sales

You can set up your own chart of account  by going to accounting>chart of account>new >expense(account type) in detail type it would a case of selecting the closest one to what you want and then in name you can name it whatever you like and then save and close

 

If you are unsure you can always confirm with an accountant.We welcome any input from any other Community users who have encountered the same thing

 

Emma

2 replies

EmmaMAnswer
Level 10
January 31, 2020

Hello Hannah74

 

As we are not trained accountants we can not give you advise on what expense account to use, there are set expenses categories such as supplies/cost of sales

You can set up your own chart of account  by going to accounting>chart of account>new >expense(account type) in detail type it would a case of selecting the closest one to what you want and then in name you can name it whatever you like and then save and close

 

If you are unsure you can always confirm with an accountant.We welcome any input from any other Community users who have encountered the same thing

 

Emma

paul72
Level 6
January 31, 2020

It would usually be Cost of Goods Sold or Cost of Sales.