How to Add a Personalized Chart of Accounts in Pocket

In this guide, we'll walk you through the process of adding a personalized chart of accounts in Pocket, and how to set up specific cost of goods sold (COGS) for each sales channel.

Step 1: Adding a Chart of Account

To add a personalized chart of account, navigate to the 'Chart of Accounts' section in Pocket. Scroll down to the section where you see the various charts of accounts defined for you.

Under the 'Income' section, you can add a new sales channel. To do this, hover over 'Sales', click on the three-dot menu, and then select 'Create Account'.

For example, you can create a new chart of account called 'Sales of Product Income PayPal'. Once you've entered the desired name, click 'Save'.

Step 2: Setting Up Cost of Goods Sold (COGS)

After the new sales channel has been created, don't forget to set up the COGS as Pocket automatically calculates it for every sales channel added.

Visit the 'COGS Rules' page and define a specific COGS rule that Pocket will automatically calculate based on all the sales recognized under the new channel account just created.

For instance, select the new income account, 'Sales of Product Income PayPal', select a starting and ending date for the calculation (such as from January to the end of the year), and set the COGS percentage (e.g., 45%, the same as all your other COGS).

Pocket will then automatically generate a COGS chart account for you at the designated percentage.

By setting up in this manner, Pocket ensures that for every income transaction categorized under 'Sales of Product Income PayPal', the software will automatically calculate the COGS for PayPal.

Stay tuned for our next guide on how to create invoice-like items that match with the PayPal income.

Remember, Pocket is designed to make your accounting tasks easier and more efficient. Follow these steps to make the most out of this powerful tool.