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BCS2020
Level 2
posted
‎March 21, 2022 02:43 AM
last updated ‎March 21, 2022 2:43 AM

COGS shows zero in P and L report

Hi Experts,

 

I am running retail business, started using the QBO and now needed to generate the statement. When I run the report, found that P&L statement shows COGS zero. In the product and service, both sell and cost price has been set up. All invoices and payments are in sync. How do we resolve this issue? Any advice or help ? Thanks Yam

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Best answer March 21, 2022
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Best Answers
CharleneMaeF
QuickBooks Team
QuickBooks Team
‎March 21, 2022 06:16 AM

COGS shows zero in P and L report

It can be rough when the COGs show zero on the Profit and Loss report, BCS2020. I'm here to help you with that.

 

To start, ​​​​​​let's edit the product's inventory starting value. This could be the cause of the issue. I'll show you how:

  1. Go to the Gear icon and then choose Product and Services.
  2. Locate the item in the list that you'll need to correct and click the Edit button.
  3. Under Quantity on hand, click Starting value.
  4. Fill out the Initial quantity on hand as well as the Initial cost.
  5. Click Save and close.

  

If the issue persists, let's run the Profit and Loss report via a private window. This is a good place to determine if this is a browser-related issue. 

 

Here are the keyboard shortcuts: 

  • Safari: Command + Shift + N 
  • Google Chrome: CTRL + Shift + N
  • Mozilla Firefox or Microsoft Edge: CTRL + Shift + P 

 

After running the report, check if the correct amount shows. If it does, let's clear the browser's cache. This removes its stored files to ensure the program performs efficiently.

 

You can also access your account using other supported browsers. They'll provide the best and most secure experience with QuickBooks.

 

Additionally, I've included these resources that'll help you manage your reports in QuickBooks Online. This ensures you can get different perspectives of how your business is doing:

 

I'm only a post away if you need more help in running and personalizing your reports, BCS2020. It's always my pleasure to help you out again.

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2 Comments 2
CharleneMaeF
QuickBooks Team
QuickBooks Team
‎March 21, 2022 06:16 AM

COGS shows zero in P and L report

It can be rough when the COGs show zero on the Profit and Loss report, BCS2020. I'm here to help you with that.

 

To start, ​​​​​​let's edit the product's inventory starting value. This could be the cause of the issue. I'll show you how:

  1. Go to the Gear icon and then choose Product and Services.
  2. Locate the item in the list that you'll need to correct and click the Edit button.
  3. Under Quantity on hand, click Starting value.
  4. Fill out the Initial quantity on hand as well as the Initial cost.
  5. Click Save and close.

  

If the issue persists, let's run the Profit and Loss report via a private window. This is a good place to determine if this is a browser-related issue. 

 

Here are the keyboard shortcuts: 

  • Safari: Command + Shift + N 
  • Google Chrome: CTRL + Shift + N
  • Mozilla Firefox or Microsoft Edge: CTRL + Shift + P 

 

After running the report, check if the correct amount shows. If it does, let's clear the browser's cache. This removes its stored files to ensure the program performs efficiently.

 

You can also access your account using other supported browsers. They'll provide the best and most secure experience with QuickBooks.

 

Additionally, I've included these resources that'll help you manage your reports in QuickBooks Online. This ensures you can get different perspectives of how your business is doing:

 

I'm only a post away if you need more help in running and personalizing your reports, BCS2020. It's always my pleasure to help you out again.

Reply
BCS2020
Level 2
‎March 21, 2022 06:15 PM

COGS shows zero in P and L report

Thank you so much for your support, appreciate. Your solution is Bingo!!. i mean the second part. It is all to do with inventory qty and starting value. I did not look into this previously as it was done by the someone. I tried on one product to update the details and then ran the report to check COGS, now I see the value non-zero and update. It works now, but the headache now is how to do it for 500 products.....

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