G/L Cost of Sales Account

For stock items and assembly items, enter the account that gets debited for the item when sold. Sage 50 Accounting allows you to use FIFO, LIFO, or weighted-average methods of costing; costing occurs as of the transaction date for the sale. Sage 50 Premium Accounting and Sage 50 Quantum Accounting allow you to create serialized inventory items with specific costing.

When you purchase non-stock, service, or labor items, this is the default expense account used. The account will be debited for the amount in the Last Cost field for the item in Maintain Inventory Items.

To display a list of existing accounts, type ? in this field, or select the Lookup button. To add a new account, type + or double-click the field, which displays the Maintain Chart of Accounts window.