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laweindustries
August 15, 2022
Question

Job Profitability Summary - Inaccurate Actual Cost

  • August 15, 2022
  • 3 replies
  • 36 views

When I pull the JPS report in order to see the difference between actual cost and actual revenue, the actual cost is incorrect. I do not know whether it is taking an average cost for the time frame I am pulling or something similar that I am missing, but the actual cost does not mirror the cost on the day the sale occurred. Any suggestions? 

3 replies

katherinejoyceO
katherinejoyceO
Level 9
August 15, 2022

Hello there laweindustries,

 

I appreciate yopu for sharing the details of your Job Profitability Summary concerns.

 

The Job Profitability Report evaluates the efficiency with which your business estimates jobs, and the time and mileage costs associated with each job.

 

When you invoice the buyer for a billable item, it does not indicate that you are selling the item. However, the cost will only be displayed when the item is sold.

 

On the other hand, when a purchase was made, the money is transferred from your bank account (an asset account) to the inventory asset account. Hence, you haven't spent any money at this time so no COGS. You'll need to invoice and receive the payment for the item before COGS is realized.

 

For more insight, you can check some more of your business reports in this article: Understand reports.

 

You can also visit this link to learn more about tracking job costs in QuickBooks Desktop.

 

I'll be more than happy to assist you again with your Job Profitabilty concerns if there's any. Take care!

laweindustriesAuthor
August 18, 2022

Unfortunately this is not what I am looking for. Payments are received at this point yet the actual cost is still an average. I am looking for a filterable report that shows (by customer) the actual revenue of the items sold, the actual cost of the product when sold (not an average) and the difference between the two. Is there a better report than the JPS? 

    LieraMarie_A
    LieraMarie_A
    Level 8
    June 5, 2023

    Hi there, @laweindustries.

     

    In QuickBooks Online, the inventory costing method is set to First In, First Out (FIFO). This means that the cost of the product is calculated based on the average cost of items in stock at the time of sale. This method is commonly used to ensure accurate cost calculations and inventory valuation.

     

    You may consider exporting your data to a third-party reporting tool to assist you in generating a more tailored report that fits your specific requirements. You may visit our Apps store to look for one.

     

    Additionally, you may export your reports to Excel for greater flexibility and customization options.

     

    If you have any further questions or need additional assistance, please feel free to let us know. We're here to help!

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