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Q: MYOB Business Basics ( No Answer,   2 Comments )
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'.
There is no answer at this time.

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:
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.

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