Report including Cost of Sale

I recognize the need to run a report that shows the profit for the item you've sold in QuickBooks, hollyshort18. Let me share the Sales by Product/Service Summary report that will show the details you need.

The Sales by Product/Service Summary report will show the total sales for each product and service. When you run the report ensure that there's a cost amount in your product and service for the data to show in the column. To run the report follow the steps below:

1. Go to Reports.
2. Enter Sales by Product/Service Summary in the search field.
3. Choose the date range in the Report period.
4. Click Customize to filter the necessary details you want to include in the report.
5. Select Run report.

To get the most out of your reports, here's an article you can refer to: Customise reports in QuickBooks Online using modern view. Also, to check the status of your stock and its best sellers, open this link for more details: Use reports to see your sales and inventory status.

 Let me add these resources that will guide you in managing your stock and how to record customer payments in QuickBooks:

• Track your stock in QuickBooks Online
• Record invoice payments in QuickBooks Online

Please feel free to share any other concerns or questions related to reports or QuickBooks. I am here to listen and help you out anytime. Stay safe!

Thank you.  I have tried this report but unfortunately it is not showing any costs.  I have costs entered for my products.  They are non stock items though - does this make a difference?  I don't think it should but I'm just checking.  Is there anything I should enable for the costs to show in the report?

Hello, hollyshort18.

I'm here to provide you with the necessary information regarding non-stock items and their impact on the cost of sales in QuickBooks Online.

In QuickBooks Online, the cost of sales is designed to track the direct costs associated with the sale of inventory items. However, non-stock items are not considered inventory items; therefore, their costs are not included in the cost of sales report by default.

Non-stock items are typically used for items you purchase or sell but do not track the quantity on hand. They are often used for services, fees, or one-time purchases. Therefore, the cost of these items is not factored into the cost of sales calculation.  

You can also use these articles for reference about the items:

• Track your services or non-stock items
• Change Product and Service types

I hope this clarifies how non-stock items are treated in QuickBooks Online about the cost of sales, which will be shown in the report. Should you have any further questions or need additional assistance, please don't hesitate to ask. Have a great day!

Thank you.

I am sure that the old report - Sales by Item showed cost/COG.  I have entered my cost in my non-stock items so there must be a way to run a report.  If a standard report no longer exists, am I able to create a custom report to show the cost?

Thanks very much

Holly 

Hello there, @hollyshort18.

Thank you for posting here in the Community. I'm here to help provide additional clarification about running the report for non-inventory items in QuickBooks Online (QBO).

Running a sales report for non-inventory items is unavailable in QBO. COGS shouldn't be applied to non-inventory items. It serves as an expense account specifically designated for recording the costs of inventory items upon their sale. If you don't deal with inventory, COGS shouldn't be utilized. Instead, consider utilizing alternative expense accounts such as Cost of Sales or Materials and Supplies.

Feel free to check out these guides for more information about importing your products and services into QBO:

• Import products and services into QuickBooks Online
• Common questions about importing data to QuickBooks Online

Please don't hesitate to let me know if you have additional questions or concerns about running the report. I'll be around to help out.

I can a sales report on non inventory items, however the cost is not displayed in the report.  I can also add the cost when I create non inventory items on Quickbooks so the information is held in Quickbooks.  If a standard report that displays cost of no inventory items no longer exists, can I create a custom report to show me the information I need to see?

Thank you.

Apologies - that was meant to read ...

I can create a sales report on non inventory items, however the cost is not displayed in the report.  I can also add the cost when I create non inventory items on Quickbooks so the information is held in Quickbooks.  If a standard report that displays cost of no inventory items no longer exists, can I create a custom report to show me the information I need to see?

Creating custom reports won't show the profit you've made for your non-inventory items, @hollyshort18.

To add this feature to the program, I would recommend sending direct feedback to our product engineers for them to add this feature for future updates. Here's how:

1. Go to the Gear icon.
2. Choose Feedback.
3. Type in a summary of your request.
4. Click Next.

As a workaround, I recommend exporting two reports: Sales by Product/Service Summary which shows the items you've sold, and Product/Service List which can be customized to show the cost of your items. Once you have both reports, you can combine them and manually compute your profit for the non-inventory items.

Before exporting the Product/Service List report, make sure to customize the columns to include the cost. I've attached a screenshot for reference.

Additionally, you can also memorise your reports to save the changes you've made for future use.

Let us know if you have other concerns with your reports. We'll be here to help you in any way we can.