Simple question as i have Cost of items in Products and Services and when sold via shopify how does it deduct itself please and how do work our profit? sale -cost= profit
I know how to track your profit in QuickBooks Online (QBO). Let me help you.
First, we need to make sure that we set up the products using the Inventory category so we can calculate the cost. Then, make sure to record the bills or expense transactions when you purchase items from your vendor. Please note that the inventory tracking is only available in the QuickBooks Online Plus plan.
Follow these steps on how to turn on this feature:
Go to the Gear icon and select Account and Settings.
From the Sales tab, select the Products and services section.
Turn on both Show Product/Service column on sales forms, Track quantity and price/rate, and Track inventory quantity on hand.
Also, you'll want to link your Shopify account to QuickBooks Online. This way, your sales transactions will sync automatically to QBO for easier tracking. Go to the Apps menu and search for a third-party connector app that you'll want to use.
In addition, QBO provides different reports to review the business performance, sales, and inventory status. Check these articles to learn more: