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account34guy

Inventory and Cost of Goods Sold not adjusted

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I purchased Express Accts and tech support 2 days ago and have discovered that the Inventory balance is NOT automatically adjusted into Cost of Goods Sold when products are sold via an invoice. I have entered all product items into the program and have filled out the sell and cost prices for each item.

 

I have noticed several other threads that complain about the same thing so I'm not wasting any more time experimenting myself with this.

 

Any decent accounting package should do this, even the cheap ones. Before I request a refund through Paypal I thought I would post this and see if "tech support" responds in the next 12 hours.

 

Thanks much!

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I too would like to know. I have installed the software and ran into this problem. It appears the software doesn't allow you to track unsold inventory as an asset against cost of goods sold. I haven't bought it yet. I like the rest of the program though.

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I'm having similar problem and then i remembered it is not be so easy. For instance quite a number of costs goes in to producing cost of sales, putting all those together may not be easy to automate. I think is best we hear from the forum admin or the support team.

 

If you can get the cost of sales listed in the chart of account, it may be helpful to do a manual calculation then use journal to pass the entry say at the end of the year. You could keep an monthly excel sheet to keep track of the the cost of good sold.

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Additionally, get to post the all purchases for the period by simply (and of course after you must have created the cost of sales via the chart of account) raise journal by Debit Purchases amount and Credit Cost of goods sold. Then you should have your Gross profit. That will automatically reduce the inventory in the balance sheet

 

Hope this help. It is important to note, the accounts are usual prepared at the end of 12 calender month but you track your progress daily/monthly.

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