quick question?

[KABERS]

I'm only fsn now and i've sent just over 7000.00 in wire outs this year. Would the 80% paid out go into cog's or expenses?

I'm trying to get everything right in quickbooks the first time around. The accountant put it in cogs but I hate that it makes my cog's even worse.

thanks

 

[bootcampguy]

You should not put it into the COGS, you didn't make it or buy it and put it into inventory. You should have an FSN account: monies earned, monies paid..........it's a wire service expense account or similar wording..............minus your monthly or yearly charge. You can email [email protected] and he will send you some "free" spread sheets. He does only florists........and he knows the right way. Then your accountant will have it right.

 

[KABERS]

Thankyou, I didn't feel right having it in cogs, and it's not true sales either. I will email him. thanks again

 

[Kristine]

i think we have it set up in QB as a liability account, like sales tax, payable at months end. will check tomorrow.

 

[anytimeflowers]

I have it set up as an expense account going against wire. Quickbooks.