I am a new company and would like some help on setting up my product to sell. If I purchase manuals then resell them. How should I best set this up so I can see that I purchased them at $12 but sold them at $15.
I do not keep these manuals in inventory so I wasn't sure if I need a COGS account?
If you're not tracking inventory. Make a CGS type of account called Purchases and charge the checks directly to that account when you pay for the products.
