Re-class sales and cost of goods sold according to region. Where do I input this ?

D1keandziggy_D1keandziggy_ Member Posts: 1

I need your help please and I can't find it in the discussions.

My accountant has told me I need to re-class my Sales and Cost of Goods Sold(Purchases) into the right category/GL. Categories for my event costs should be Sales, Sales EU, Sales ROW, COGS, COGS EU and COGS ROW.

However I already have my items categorised into say, marketing costs, accountancy fees, payment for invoices etc so I have no idea where he is asking me to put this information. Can you please advise.

Thank you

Comments

  • JordanDJordanD Administrator, Moderator Posts: 515 admin

    Hey @D1keandziggy_ and welcome to Wave's Community Forum! It sounds as though your accounting may be asking you to add an additional category on top of the one that you have already applied. This would mean that your chart of accounts would have multiple subheadings and then categories within them. For example it would look like COGS below that would be COGS EU and COGS ROW. Within each would then have your expense categories. This sort of functionality is often referred to as "sub-categories", "classes", or "Tags", all of which are not currently available in Wave. By no means is what you have done correct, but it wouldn't allow you for you to break out your EU vs ROW expenses in the way that your accountant is looking for, I'm afraid.

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