COGS Journal Entry
Also known as: COGS Journal, Cost of Sales Journal
The bookkeeping entry that records cost of goods sold for a period: debit COGS (an expense) and credit Inventory (an asset) for the cost of the units sold. It moves cost off the balance sheet and onto the P&L so gross profit is stated correctly. Landara produces a ready-to-post Dr COGS / Cr Inventory journal each period. You review and post it in Xero or QuickBooks; Landara never writes to your ledger.
Cost Category
COGS Journal Entry is classified as a Other charge in landed cost calculations.
Other charges include storage, packing, labeling, and miscellaneous service fees.
Related Keywords
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