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Author	Topic: Cost of Goods Sold
Rick Williams Member	posted 07-16-2001 03:12 PM I am setting up the accounts for a company that sells products. I need to be able to set-up a cost of goods sold section under the Sales section. Has anyone out there had success in doing this? The book is not too helpful in this area. I am using FNWin 6.0. [This message has been edited by Rick Williams (edited 07-17-2001).] IP: Logged
Renee Member	posted 07-16-2001 05:14 PM Open the Chart of Accounts for the entity in question. Switch to the Master Chart of Accounts. Click on (i.e. open) Income in the left pane. Click on (open) Business Income. This is near the end of the Income list. The Cost of Good Sold category is the 5th one down. Right click on the Cost of Goods Sold category and select Rename. Edit the name as you wish, "Cost of Sales" for example. Important: Add or move an account to the Cost of Sales category. If you don't add an account here, you won't see this category when you switch back to the Custom Chart of Accounts. Switch back to the Custom Chart of Accounts and you'll see this category and account. ------------------ Renée Trudeau Financial Navigator Service Provider [This message has been edited by Renee (edited 07-16-2001).] IP: Logged
FN_User Member	posted 07-17-2001 05:56 PM I went to set it up and couldn't find the COGS category. Could it be that I am on 6.0? Was the COGS section added to a later release? Please let me know. IP: Logged
Renee Member	posted 07-17-2001 06:11 PM Old versions of FN did not have a COGS category in the income section as described above. If you're still running 6.5 or earlier, you won't be able to use this COGS category. If you have 7.0 or later, you can update to the expanded chart of accounts that includes COGS in the income class. Please refer to the topic Updating the Chart of Accounts for detailed information. If you are using an old version of Financial Navigator, you are missing out on some great features. Please refer to the FN web site for a description of some of the great features in the newest Version 8.1. ------------------ Renée Trudeau Financial Navigator Service Provider [This message has been edited by fniadmin (edited 12-31-2002).] IP: Logged

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