FAQ: “How do I expense products for resale”?

FAQ is a regular blog feature that answers frequently asked question and makes them available as a growing list of tagged blogs.

I’ve had more than one user ask this question. Here’s what happens: they buy merchandise that they then resell those goods. That expense would go under your Cost of Goods Sold – Value Added Goods account.

We made the Chart of Accounts as comprehensive as possible but there are a bazillion different types of businesses out there so we also made the Chart of Accounts completely customizable. (Note: “bazillion” is not an official bookkeeping term). You can easily delete, edit and add accounts as you feel necessary. So, if you want to rename “Value Added Goods” to “Products for Resale” or “Merchandise Cost” or “Stuff-I-Buy-Then-Sell-Again”…you can!

Jessica Routier

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Jessica has a B.Admin and an MBA. Her background in business, along with a diverse skill-set (including a diploma in Medical Transportation, retail experience, and experience as a paralegal) make her a valued, highly flexible team member.

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