I am just getting started with QB and looking to just use it very simply to start with. I have entered my sales, and have entered the cost of sales.
In the P&L report the "Sales of Product Income" have VAT deducted, but "Cost of Sales" seem to be cost with VAT. So Gross Profit shows a loss.
I obviously have something wrong but I am not sure what, any help appreciated.
Nevermind problem solved.
Thanks for providing an update, @Hibbo.
I'm glad the problem is resolved. If there's anything else that you need or if you have any other questions feel free to post here anytime.
You can also check out this article for more information about the impacts of stock tracking in reports: Impacts of stock tracking on balance sheet and profit & loss reports.
Feel free to get back if you have more questions or need some QuickBooks tips. We're around to back you up always. Have a good one!
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