Google Answers: MYOB Business Basics

View Question

Q: MYOB Business Basics ( No Answer, 2 Comments )

Question

Subject: MYOB Business Basics
Category: Business and Money
Asked by: nickrth-ga
List Price: $5.00

Posted: 25 Oct 2006 04:00 PDT
Expires: 24 Nov 2006 03:00 PST
Question ID: 776695

In MOYB Business Basics, what account do I allocate purchases to which are items that I am going the re-sell?
Clarification of Question by nickrth-ga on 25 Oct 2006 04:09 PDT Is it 'Cost of Sales', 'Asset' or 'Expense'.

Answer

There is no answer at this time.

Comments

Subject: Re: MYOB Business Basics
From: borisshah-ga on 25 Oct 2006 04:42 PDT

I would go for Cost of Sales simply because in accounting, items
bought for re-sell or trade or purchases make up the final figure of
purchases that is used to calculate COGS or Cost Of Goods Sold.

Please refer to the MYOB Home website and its Knowledge Base for further help:
http://www.myob.com/servlet/Satellite?c=Page&pagename=MYOB/Page/GolbalCountrySelector&cid=1111035128872

Subject: Re: MYOB Business Basics
From: nickrth-ga on 25 Oct 2006 04:48 PDT

So what is the tax code for Cost of Sales accounts? It's defaulting to
N-T, but I am paying GST on the goods I am purchasing for resale.

Important Disclaimer: Answers and comments provided on Google Answers are general information, and are not intended to substitute for informed professional medical, psychiatric, psychological, tax, legal, investment, accounting, or other professional advice. Google does not endorse, and expressly disclaims liability for any product, manufacturer, distributor, service or service provider mentioned or any opinion expressed in answers or comments. Please read carefully the Google Answers Terms of Service.

If you feel that you have found inappropriate content, please let us know by emailing us at answers-support@google.com with the question ID listed above. Thank you.

Search Google Answers for

Google Home - Answers FAQ - Terms of Service - Privacy Policy