On 12/19/2021 2:11 AM, Jesse MacDougall wrote:
I am trying to add a "label"(not sure if that is the right word) on Income
Statement "Cost of Goods Sold" and put accounts under COGS. Like there is
with "Total Revenue". What is happening is COGS is a parent account with
sub accounts but I want to make COGS a label.
I am trying to achieve a bolded "COGS" on the IS. I don't see anywhere
to achieve this. Been stuck on this a few hours. I have COGS as a
placeholder currently. Here is what I see:
You really need to start with a "fundamentals of bookkeeping, an
"accounting 101" sort of text.
a) You seem to have some sort of "business" embedded in a set of
personal books. I can understand WHY you might want to do that (they
share a bank account)
b) I have no idea what your (tax) reporting requirements might be and
how that affects "a real business" vs a very much side operation liable
to be classed as a "hobby" << important for over here as while both
businesses and hobbies pay tax on profits, only businesses can deduct
losses from other income >>
c) Inventory should be under assets, expensed as used, not as bought.
d) Because a CoA can have only one structure (one tree hierarchy) when
you choose to embed the business books into your personal books you will
NOT be able to produce a simple "Statement of Revenues and Expenses".
Same with the "Balance Sheet". In other words, you will probably want to
run multiple using account selection to disentangle accounts.
Michael D Novack
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