Institutional Accounts

6590-6699 Series: Goods Purchased for Resale, Credit Memos & Facilities Management Job Costs

6597 - Goods Purchased Resale Freight  
(Optional). Use only if you desire to track freight costs on purchases for goods for resale.
6598 - Credit Memos  
Credits given by outside vendors that are applied against vendor invoices for items such as short shipments, damaged merchandise or incorrect pricing of the original product.
6599 - Goods Purch Resale Cash Discnt  
(Optional). Use only if you desire to track discounts on purchases of goods for resale.
6600 - Goods Purch For Resale Perpetu  
For computerized perpetual inventory systems that utilize the automated payable reduction feature designed for this account including acquisition and assembly costs (labor, freight, etc.), coal and fuel oil for inventory, and equipment (purchased for resale). (Contact Accounting & Financial Reporting if you have any questions about this IACT.)
6605 - Goods Prch For Resale Periodic  
For either periodic or perpetual inventory systems not utilizing the automated payable reduction feature designed for goods classified under 6600 - GOODS PURCHASED (RESALE)-PERPETUAL including coal and fuel oil for inventory, equipment (purchased for resale), and food and beverage.(Contact Accounting & Financial Reporting if you have any questions about usage of this IACT.)
6610 - Cost Of Goods Sold  
The total direct cost of goods sold.(Contact Accounting & Financial Reporting if you have any questions about usage of this IACT.)
6650 - Facilities Management Jobs  
For Facilities Management use only.

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