Cost of Goods Sold on Profit and Loss by Job Statement

[AngeliqueVal]

Hello, so I use WIP to keep track of costs associated with a used car purchased.  When I am ready to invoice the client and have the total costs, I adjust the value of the vehicle to reflect the additional costs.  I check my inventory valuation report and the average cost was indeed adjusted.  However, after issuing an invoice, i checked the profit and loss report and it has zero as cost of goods sold.  I am not sure why this is.  Some vehicles show the correct value and some do not.  As a result, the net income on P&L is inaccurate. Any insight would be appreciated.

[JonpriL]

Hi there, @AngeliqueVal!

Your profit and Loss reflects the original Cost of Goods Sold before creating your invoices. I'm here to help make sure so can correct the income amount of your reports.

To start with, let's review all your transactions in your Profit and Loss report. Making sure to select the appropriate accounting method for your business.

From there, you can review your transactions. Specify the necessary amounts of your inventory Cost of Good Sold. With this, you'll be able to update those transactions with zero amount in the Cost of Good Sold.

This way, you can specify the correct amounts for your inventory Cost of Good Sold. Thus, accurately displaying the correct amounts of your Cost of Good Sold in your Profit and Loss report.

Please let me know how it works or if you have any other questions. I'll be always around ready to help.

[AngeliqueVal]

Thanks I figured it out.  When I adjusted the value of the inventory, the account that it was pulling from was auto populate and I didn't change it.  After chaning it to my WIP account and refresh the report is again correct.  Thank you.

[Rose-A]

Hi, AngeliqueVal.

Thanks for getting back to us.

Good to hear that everything is working fine on your end. I appreciate the details you've provided and for trying to fix the Profit and Loss by Job Statement.

You may find these articles helpful:

• Understand Inventory Assets and COGS tracking.
• Balance Sheet and Inventory/Stock Valuation reports show different amounts for Inventory Asset accou....

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