TAS Basics Year End

[tomhogan83]

Hi,

I have come to the end of yr 1 trading and am trying to run a P & L on TAS Basics.
It is for a partnership

When I run the P+L it has COS as £0 ...

Why is this?

Thanks

[David Richards]

Hi there,

As the program name suggests, Basics is a basic bookkeeping program.

The Cost of Sales analysis code is there mainly for compatibility with our other more sophisticated programs. (Having a similar chart of accounts makes it easier for those who want to upgrade as their business grows.) Most software doesn't track cost of sales automatically, but our TASBooks program does. So in TASBooks you can set the program to automatically account for the cost of sales of your goods as you sell it, if you choose to.

But in Basics, there are no product records - the program will account for your sales using the analysis codes you record on each invoice.

So the reason there is a zero balance on the cost of sales account is because no transactions have been posted to that account. You can of course post adjustment journals at any time - this is common in most other software that doesn't automatically track cost of sales.

You may want to speak to your accountant to decide the most effective way to account for your stock and cost of sales.

[tomhogan83]

Hi there,

As the program name suggests, Basics is a basic bookkeeping program.

The Cost of Sales analysis code is there mainly for compatibility with our other more sophisticated programs. (Having a similar chart of accounts makes it easier for those who want to upgrade as their business grows.) Most software doesn't track cost of sales automatically, but our TASBooks program does. So in TASBooks you can set the program to automatically account for the cost of sales of your goods as you sell it, if you choose to.

But in Basics, there are no product records - the program will account for your sales using the analysis codes you record on each invoice.

So the reason there is a zero balance on the cost of sales account is because no transactions have been posted to that account. You can of course post adjustment journals at any time - this is common in most other software that doesn't automatically track cost of sales.

You may want to speak to your accountant to decide the most effective way to account for your stock and cost of sales.

Thanks for getting back to me.
How would I go about adjustments in TAS basics to account for cost of sales?
I appreciate your help on this

[albertc30]

Thanks for getting back to me.
How would I go about adjustments in TAS basics to account for cost of sales?
I appreciate your help on this

Its done manually as and when you enter a new invoice. Simply choose the correct code for cost of sales.