I hate to resurrect such an old thread but here I am again. Almost 2 years later.
I need clarification on how I've got my finished products set up in Chart of Accounts.
I buy bottles, labels, and paint. All allocated to Expense Account: Packaging or to Supplies, (COG accounts) respectively.
I end up with a finished product which I have been allocating to Income Account: Merchandise Sales. This is an account set up years ago when I was working with a CPA. Is this correct?
I'm having some difficulty with COGS at year end for my TurboTax entries, and must be sure I'm doing it right.
