profit and loss report

provincialmoving · ‎October 19, 2025

I'm trying to find the profit of particular goods/services.

As a simple example we charge our customers a fuel surcharge.

I'd like to make sure each month or quarter we're covering our fuel costs with these surcharges.
I have a Product in the "Product and services" list as "Fuel"
And I have a COG-Fuel category in my charter of accounts.
If I run a profit and loss report and filter it by the product/service "Fuel" it doesn't have anything in the cost of goods sold line. How do I the correct account to the cost? Or am I going about this the wrong way?

Thanks

Janiqueca_T · ‎October 21, 2025

You’re not doing anything wrong, provincial. You can just update the product’s settings and set the Cost of Goods Sold (COGS) account to the default expense account. This way, your costs will be correctly categorized and show up accurately in your Profit and Loss report.

If a different account is selected, it is normal for no amounts to appear under the Cost of Goods Sold (COGS) section in your Profit and Loss report. Be sure to use the default expense account to ensure accurate tracking and reporting of your costs. You can understand inventory assets and cost of goods sold tracking to gain more insight.

You can update the product’s information and set the Cost of Goods Sold (COGS) account as the expense account to ensure your costs are correctly categorized and reflected accurately in your Profit and Loss report.

For steps: You'll want to ensure that the Cost of Goods Sold (COGS) account is linked to the Expense account for your item by following these steps:

Click the Gear icon.
Under LISTS column, select Product and services.
Look for the item and click Edit.
On the Purchasing section, click the dropdown menu under Expense account.
Choose Cost of Goods Sold and click Save.

Please see the attached screenshot below for a visual reference of how it is supposed to appear in the report:

If you have additional questions, feel free to click the Reply button below.

provincialmoving

I put this on the back burner for to long.

I've tied the accounts together, but I'm still not getting any cost of goods sold under my profit and loss report.

I ran a Transaction Detail by Account report for January, and I see that there have been costs,
I ran a Sales by Product/Service Detail report for January and I see there has been sales,

But if I run a profit and loss report I only see the sales:

KayePe

Thank you for returning to the thread, @provincialmoving. The amounts displayed in your Profit and Loss report depend on how you record your transactions and the items you use.

To ensure the correct amounts appear, I recommend reviewing your item's As of date and comparing it to the transaction dates. The entry dates should match or be later than the item's As of date for the Cost of Goods Sold (COGS) to be calculated correctly.

To verify, click on the Sales of Product Income amount in the report. This will display the transactions associated with the Fuel item, allowing you to review them.

Let us know if you have additional concerns. We're here to guide.

provincialmoving

Hi,

I think the dates are correct for example here is the January COG:

The January sales for fuel:

Then this is the Profit and Loss report I get when filtered by fuel in January:

I don't see a place to select Sales of Product Income?

Thanks

Dandie_A

Hi there, ProvincialMoving.

Thank you for your follow-up and for sharing the screenshot to clarify the issue! Based on the information you provided, let me explain why the "Sales of Product Income" is not showing in your Profit and Loss report.

Since you've already assigned the correct accounts to the Fuel product/service, the next step is to update historical transactions so that past sales and costs are correctly categorized in your reports.

When you filter the Profit and Loss report by Product/Service, the report focuses solely on transactions directly tied to the selected product/service. However, it does not display the underlying distribution account, such as Sales of Product Income. To access this information, you’ll need to drill down into the specific distribution account within the report.

Please see the screenshot below for visual reference.

If you have any additional questions or need further assistance, feel free to reply in the comments.

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