cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
makayla-lubbers-
Level 1

Hi all, If I record a purchase of materials, make and sell a product with those materials, and track COGS with each sale, am I double-counting the materials expense?

I'm concerned I'm deducting the cost of those materials from my income twice if I input them as a large purchase and then also track COGS.
1 Comment 1
JamesM4
QuickBooks Team

Hi all, If I record a purchase of materials, make and sell a product with those materials, and track COGS with each sale, am I double-counting the materials expense?

Hi there,

 

Welcome back to the Community. QuickBooks is a powerful program that helps you manage your work with peace of mind. I'll be glad to share more info so you're on the right track with your work.

 

Recording your transactions properly is an essential step for maintaining clean books. To ensure accuracy in your books, I recommend reaching out to an accounting professional for expert advice on this. If you're not in contact with a professional, don't worry, you can search for one using this link here

 

I'll also leave this question open in the Community so other accountant users can share their advice. Otherwise, feel free to ask other questions, I've got your back.

Need to get in touch?

Contact us