@vlphall wrote:
The COGS on my Profit and Loss Statement is not running correctly. It includes BOTH lines corresponding to each sale (as it should) AS WELL AS lines corresponding to each purchase from our vendor (which it shouldn't). Have I checked a wrong box somewhere?
Example
01/07/2018 Invoice 17-101 Customer Product A Accounts Receivable 300.00
01/23/2018 Bill 2935 Vendor Product A Accounts Payable 300.00
Thanks!
Are you using inventory type items for product A?
Your example is not complete in terms of the accounting.
you purchase the item and the accounting entry is to increase A/P, and increase either the inventory asset or an expense.
A sale of inventory means several things happen, not just an increase to a/r
