Hi Patricia,
Thanks for your answer. I've read similar in other places, and that's why I'm questioning how my QB is set up now. Now, to be clear, I don't do any of those calculations - I rely on QB Retail Edition 2014 to do them for me.
What I really need is the Income Account that I should be using for my finished products...on a micro level if that makes sense 🙂 If I get it right at the product level, my yearly COGS on Balance Sheet should be right, right? Exactly what Income Account should my finished product properly be allocated to? Currently, and for 10 preceding years, it's been Merchandise Sales.
Again, if it helps: I buy bottles, caps, jars, (Packaging expense) fill them with paints (Supplies expense), label them (Packaging) , and sell them = Merchandise Sales. (maybe I'm overthinking this??)
