If you'll create an estimate, make sure to convert it into an invoice. Enter $1,000 in the Cost box and select the correct Expense account.Enter $1,200 in the Sales price/rate box and select the correct Income account. Click New and select either Inventory or Non-inventory.Go to Sales tab and Product and Services.Also, this is to assign which Income and Expense account it will be posted. This way, we can set up the cost and the sales price of the item. We'll need to add the item first, jwhit74.
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