Hi.
I hope someone can help.
I started using QB desktop on 1st May and then converted to QBO on 16th May. My problem is that stock purchased between 1st and 16th May is showing in my COGS account even when it hasn’t been sold. This is then showing as a loss on my P&L report when deducting the COGS total from the income account.
On my QB desktop, it showed only sales receipts in COGS and the P&L report therefore with positive gross profit.
I contacted support 4 times today, was cut off twice by the same person, another just sent me some articles explaining how COGS works - I think I get it - and the fourth spoke to the migration team who insist it was fine after the migration. She then advised I delete those transactions and recreate the bills, however because the stock is tracked it won’t allow me to delete.
1. am I wrong in how COGS operates with QB online and that it is supposed to show the cost of all stock purchases this month and not just that of goods sold?
2. if I am right in thinking the COGS should only show costs of stock that has been sold that month, how do I fix it?
I am at my wits end with this as spent hours on the phone and hours scratching around the software trying to see how it is possible to correct this problem :(
Thanks in advance for any help you can provide.
