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I set up a product in quickbooks online, set a retail price of £6.66+ vat and a cost of £2.30+vat, still shows this when I look at it.
Never bought any so stock is zero. It's a product we make, costs us £2.30+vat in parts.
Start selling a few, look at my stock valuation summary and it's posting a cost of sales of £10.70+vat each.
Why would this be?
Hi there, RAY15. Let's work together to determine why the Cost of Sales shows £10.70 + VAT instead of 2.30 + VAT.
First, let's run the Product/Service List report to ensure the correct sales and purchase price are added to the stock. Here's how:
If so, let's run the Stock Valuation Detail report and drill down the report's result to determine why it is showing an incorrect amount. To do this, I recommend clicking the amount until you'll be routed to the Invoice page. From there, review if the transaction is recorded correctly.
If the Cost of Sales still shows £10.70 + VAT after reviewing everything and ensuring the stock and invoices are tracked accurately in the program, I recommend contacting our QuickBooks Support Team. They have tools to access your account securely and investigate what's causing the incorrect amount in the report. They can also provide any troubleshooting to fix this and prevent it from happening again.
Here's the step-by-step process to get a representative:
You can also contact our support team inside the QuickBooks program. For the detailed steps, please check this article: QuickBooks Support.
Additionally, I've included a few articles you can use to track the status of the sales transactions and edit them within the program:
Please know that you can always get back to this thread if you have other questions or concerns about managing your stocks and sales transactions. I'll be around to provide the information you need.
This was referred to a senior person in the team but no-one has called me back.
Why?
We are committed to ensuring that you are updated on the incorrect results obtained from the Stock Valuation Summary report, RAY15.
Since you didn't receive a call back from our representative, we highly recommend contacting our Live QuickBooks Support Team. This way, you can receive timely updates regarding the issue and determine why the callback wasn't made. They also have tools to securely access your account and case number so they can provide additional troubleshooting steps to resolve the issue. Our support staff can also transfer you to a higher representative if necessary.
Follow these step-by-step process to get a representative:
To get a phone or chat staff inside the QuickBooks program, please check this article: QuickBooks Support.
Additionally, visit our One Intuit Help Hub to access our troubleshooting guides, online resources, and FAQs specific to your QuickBooks products and needs. You can view this brief video to help you navigate the page seamlessly: https://intuit.me/OHHvideo.
I appreciate your understanding on this matter. Please know that we're determined to get this resolved.
I did contact the support team and it was referred to a senior person, but I haven't heard from them, that's why I am following it up here. Can you get whoever was dealing with this to respond?
We appreciate you for reaching out to the Community, RAY15.
Please know that the Community is a public forum. Thus, we cannot access nor see the agent who previously contacted you. It's best to reach out to our support team again so they can review your case and explain why they weren't able to reach out.
Additionally, they can utilize their tools to search for solutions that can fix your concern. Kindly follow these steps to contact them:
You can also check this article to see the available hours of our support: QuickBooks Support.
Please let me know if you have additional question, RAY15. I'll be around to help you further.
" I recommend contacting our QuickBooks Support Team. They have tools to access your account securely and investigate what's causing the incorrect amount in the report. They can also provide any troubleshooting to fix this and prevent it from happening again."
I did this, they promised to get a senior manager to call back and..... nothing.
Still no answer.
It must be quite stressful dealing with such an issue, Ray. Please know that we're here to support you and will do our utmost to help resolve it as quickly as possible.
I recommend contacting our QuickBooks Support Team again so they can review your account and explain what happened. For security reasons, we're unable to access accounts here in the community.
Here's how to get a representative:
Additionally, you can refer to this article to learn how to change the item type for products or services in QBO: Change product and service item types in QuickBooks.
Should you have any more questions, feel free to reach out. I'm here to help you 24/7.
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