cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Everything you need to know about banking in QuickBooks Online - Discover more
angelaspang
Level 1

I am Budgeting, and I want to set a fixed COGS for the product so it automatically updated COGS when i change sales line, how do I do that?

 
5 REPLIES 5
JonpriL
Moderator

I am Budgeting, and I want to set a fixed COGS for the product so it automatically updated COGS when i change sales line, how do I do that?

Hello there, @angelaspang!

 

You can manually enter the amount for COGS when creating your budget.

  1. Go to the Gear icon.
  2. Under Tools, select Budgeting.
  3. Click Add budget.
  4. Enter the name.
  5. Manually type in each amount for your accounts including COG.
  6. Click Save.

In addition, here's an article you can read to learn more about budgeting: Create and import budgets into QuickBooks Online.

 

Lastly, I've got you a few articles here for ideas about how you can manage your account: Reports and Accounting for QuickBooks Online.

 

If there.s anything else that I can help you with, let me know in the comments. I'll be happy to help.

Eleanor
Level 1

I am Budgeting, and I want to set a fixed COGS for the product so it automatically updated COGS when i change sales line, how do I do that?

Hi There,

I have created the budget but need a carry forward balance otherwise the month by month and yearly comparison with actual figures are distorted. This should be opening balance plus income less expenditure, easily done in excel but not so in Quickbooks. How does one do this please?

IamjuViel
QuickBooks Team

I am Budgeting, and I want to set a fixed COGS for the product so it automatically updated COGS when i change sales line, how do I do that?

Hello, @Eleanor.

 

When you create a budget through QuickBooks, it is based on your current financial year or from the previous year's amounts. You have the option to automatically pre-fill it with data from the current or previous year into the budget, and specify the year to use. Also, you can manually enter the amounts per month.

 

5003.GIF

Let's first make sure to run your Profit and Loss report. This is to make sure that all of your income and expense transactions were accounted for properly in the past year. 

  1. Go to the Report menu.
  2. Scroll down to the Business Overview section. 
  3. Select the Profit and Loss by Month report.
  4. Click the Compare another period drop-down.
  5. Mark Previous Year or Year-To-Date.
  6. Click the Run Report button.

By doing this, you'll have an overview of your income, expenses, and net income (profit or loss) by month in the previous year. Also, you can use it when creating your budget. 

 

Lastly, you can consult with an accountant so you'd be assisted with preparing your financial data.

 

Always feel free to leave a post below if you have other questions. I'm always here to help.

Eleanor
Level 1

I am Budgeting, and I want to set a fixed COGS for the product so it automatically updated COGS when i change sales line, how do I do that?

Thanks for your reply IamjuViel.

I now know how to run a profit and loss report and to do a comparison however I'm still wondering how to insert the carry forward balance for each month ie opening bal plus income less expenditure giving you the carry forward balance.

Could it be incorporated into the P&L report please? Is this possible?

Thanks again !

 

Best wishes,

 

Eleanor

IamjuViel
QuickBooks Team

I am Budgeting, and I want to set a fixed COGS for the product so it automatically updated COGS when i change sales line, how do I do that?

Hello, @Eleanor.

 

The Profit and Loss report displays your our income, expenses, and net income (profit or loss).  Are you perhaps referring to including the retained earnings per month in the profit and loss report?  If so, just a heads-up these type of data can be found in your Balance Sheet report. The net income (or net loss) each month is moved from the Profit and Loss Account to the retained earnings account

 

Once you're done creating a budget, you can run the Budget vs. Actuals report. This allows you to compare your budgeted amounts and the actual money you spent.

  1. Click Reports on the left side menu.
  2. Type Budget vs. Actuals in the search field, 
  3. Filter the Report period.
  4. Click Run report.

Also, you can set a class and budget in your QuickBooks Online account. By doing this, you can set more manageable budget targets for each part of your business and keep you on track. For more insights, you can read through this article: Set budget targets for each class.

 

Lastly, I've added these articles to help you learn more about running reports in QBO:

If there.s anything else that I can help you with, let me know in the comments. I'll be happy to help.

Need to get in touch?

Contact us