Change Resources to Cost of Sales

I have a suggestion. Under Econoview, you currently have Sales, Ongoing expences and Resources.

My suggestion is that they be changed to Sales, Cost of Sales (CoS) and Operating Expenses. Cost of Sales can also be Cost of Goods Sold. These are the terms currently used. Also, CoS normally follow Sales in your P&L statement. Followed by Operating expenses. After Operating Expenses, you can have non operating income/expenses like interest, sale of equipment.

Here is an example I found of Google that gives a quick explanation. You can also search for “IAS 1” (International Accounting Standard) online for the full guidelines of a P&L.

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Personally, I think it was written that way so you wouldn’t need a business degree to figure it out.

I understand that, but it is nice to have Sales and Cost of Sales next to each other so that you can quickly see your gross profit. Cost of Sales or Cost of Goods Sold is also a better description than Resources. Resources can mean Cost of Sales, but also Cost of Goods purchased that day.

Either way is fine for me personally.