![]() Add or remove accounts from the Income Statementīy default, the Income Statement includes data for every account listed in the Chart of Accounts. Select everything in the Date, Description/Transaction, and Category columns, and delete it.ģ. Learn more about calculating these expenses.īefore you can start tracking your own transactions, you need to clear the placeholder data. They’re often used interchangeably-COS by retailers, and COGS by manufacturers. These accounts track the money you have to spend to create the product you sell your customers or clients.
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