In Purchase, we invoiced a service item, the cost is added under “Cost of Goods Sold”. Here we are not selling that service. How can i nullify that balance under “Cost of Goods Sold”. Provisional Accounting enabled under Company
Can anyone help me on this?
Hi @Praveenkumar in that item you have checked maintain stock checkbox or not ?
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No, it’s a non stock item
In the item, accounting tab, set the default expense account to what you’d like it to be. Or, even better, do the same for an item group that you set that item as a member of. Then you can just re-use that item group again on similar items and not have to set default expense accounts all the time.
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If you only have sevices and no stock then you can disable “Enable Perpetual Inventory” in company → stock and manufacturing settings