[GNC] (no subject)

[Michael or Penny Novack]

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