Hi. Peachtree Quantum Manuals state that we can 'apply service item and labour items to our G/L Salaries & Wages A/c'. The Maintain Inventory Items window for these two items asks for 3 types of G/L A/c namely the Sales A/c, the Salaries & Wages A/c and the COGS A/c. Does this mean that for every service or labour item included in an assembly or invoiced, Peachtree will make the following entries : 1) Dr. Accounts Recv or Cash and Cr. Sales (with the Sales Price) 2) Dr. COGS A/c and Cr. Salaries & Wages (with the Cost input for the item/s) For Assemblies: 1) Dr. Inventory (Assembly Item) and Cr. Salary & Wages A/c (with the Cost input for the item/s) Can someone please explain these item classes conceptually to me. I don't know why peachtree asks for the Salaries & Wages A/C for Non-Stock items?? If we buy Indirect Material like nuts & bolts for eg and assign it the Non-Stock item class what does the Salaries & Wages have t do with this item??? just don't get it?
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