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userisaacfoldi1
Level 1

How can I run a custom report showing cost of goods sold by custom tax name? We must track this for use tax for invoices that are sold as contracts.

Items are sometimes contracts, other times retail tax is collected. this report must show cost of goods sold by tax name ID for invoices during a given period.
9 Comments 9
JoesemM
Moderator

How can I run a custom report showing cost of goods sold by custom tax name? We must track this for use tax for invoices that are sold as contracts.

I'm here to share some information about the report that you want to run, @userisaacfoldi1.

 

Currently, running a report that shows the cost of goods sold by custom tax name is unavailable. For now, you can run the sales tax reports in QuickBooks like the Taxable Sales Detail report.

 

For additional reference, I'm attaching the following articles below. It contains some important information about the report and how you can customize it further based on your needs:

 

 

Additionally, I recommend visiting this website: Resource Hub. It provides you with articles about managing your QBO account, income, expenses, banking, inventory, taxes, and running reports. Just click + More topics under Topics to expand the sections. 

 

I'm still here if you have further questions about running reports or any QBO related. Just post the details below and I'll reply as quickly as I can, @userisaacfoldi1.

userisaacfoldi1
Level 1

How can I run a custom report showing cost of goods sold by custom tax name? We must track this for use tax for invoices that are sold as contracts.

What is the best way to run a report to show cost of goods sold in order to pay use tax on those items sold in WV, OH, and PA?

MarsStephanieL
QuickBooks Team

How can I run a custom report showing cost of goods sold by custom tax name? We must track this for use tax for invoices that are sold as contracts.

Hi @userisaacfoldi1! It's great to see you again in the Community!

 

I'd be happy to share some details with the report you can get in QuickBooks Online when tracking the Cost of Goods Sold.

 

You look for the Profit and Loss report and open the Transaction Report for the Cost of Goods Sold account in QuickBooks Online. Here's how:

 

  1. Go to the Business Overview and select the Reports menu.
  2. Search for the Profit and Loss Report and open it.
  3. Modify the date range and click the Run Report button.
  4. On the report page, look for the Cost of Goods Sold and select the amount.

This is what it looks like:

 

 

Now you can review the transactions for the sold items.

 

In addition, with the sales tax on the items sold, you can run the Sales Tax Liability Report. To know more details about this, I've got a reference for you here: Check how much sales tax you owe in QuickBooks Online.

 

Also, if you need in-depth consultation with your sales, I'd recommend contacting your accounting professional for the best advice to manage this data in your QuickBooks account. Your accountant will have the knowledge-based on your business needs to record this properly inside of QuickBooks. If you don't have an accountant, you can find one here in our Resource Center.

 

Please let don't hesitate to let me know if you have any questions or concerns. I'm always here for you. Take care and have a good one!

userisaacfoldi1
Level 1

How can I run a custom report showing cost of goods sold by custom tax name? We must track this for use tax for invoices that are sold as contracts.

This does not help me track use tax on items purchased exempt for resale, then sold exempt as a contract. These invoices have to have a way to track the use tax owed on the cost of goods.

MariaSoledadG
QuickBooks Team

How can I run a custom report showing cost of goods sold by custom tax name? We must track this for use tax for invoices that are sold as contracts.

Let's make sure you'll be able to run a custom report that shows the cost of goods sold, userisaacfoldi1.

 

I can see how important is this for your business. You can check out our Customer Feedback page to see if there are already request submitted. If not, you'll want to send feedback to let our product team know.

 

I've included this article so you'll know what reports are included in QuickBooks Online subscription: Reports Included In Your QuickBooks Online Subscription. In addition, learn how to customize reports so you'll surely get the information you need most: Customize Reports In QuickBooks Online.

 

Fill me in if you have any questions about custom reports showing as cost of goods sold. I'll be right here to help.

Brita2
Level 2

How can I run a custom report showing cost of goods sold by custom tax name? We must track this for use tax for invoices that are sold as contracts.

Do you have instructions on how to do these steps while using Quickbooks Desktop?

Irene R
QuickBooks Team

How can I run a custom report showing cost of goods sold by custom tax name? We must track this for use tax for invoices that are sold as contracts.

Hi there, Brita. 

 

I appreciate you joining this thread with your inquiry regarding creating a report that shows the cost of goods sold in your QuickBooks Desktop (QBDT). Let me discuss these details with you.

 

You can generate a report in QuickBooks Desktop with your cost of goods sold by generating a Sales by Item Summary report. You can also customize the report to display specific information.

 

To generate the specific report, kindly follow the steps below:

 

  1. Go to Reports, then choose Sales
  2. Select Sales by Item Summary.
  3. To personalize your report, click on Customize Report

 

Furthermore, to have a thorough understanding of modifying the report the specific report, you can utilize these articles:

 

 

However, if you're referring to another kind of report, return this thread and give us more information that suits your business needs.

 

Moreover, if you have already created the report, learn how to memorize a report to keep the exact personalization of the report so you won't have to undergo the customization process again by scanning this article: Create, access, and modify memorized reports.

 

Let me know if you have additional questions about generating a report in your QBDT. The Community will always be here for you 24/7, Brita. Have a great day ahead!

Brita2
Level 2

How can I run a custom report showing cost of goods sold by custom tax name? We must track this for use tax for invoices that are sold as contracts.

When i run the report as stated above I am not getting COGS.  We currently are using an outside POS system for sales.  Not sure if this will affect the report outcome.  Please see attached screenshot of report without COGS.  

IrishNinoJ
QuickBooks Team

How can I run a custom report showing cost of goods sold by custom tax name? We must track this for use tax for invoices that are sold as contracts.

Thanks for a prompt reply, Brita2.

 

Based on the screenshot you provided, it appears that there is an inventory item with a zero amount. This suggests that using POS outside of QuickBooks Desktop (QBDT) could potentially have an impact on your report. To resolve this, it's recommended that you contact the POS tech support you use to review the mappings of COGS. 

 

Please note that it's normal for non-inventory parts to have no COGS, as COGS are only affected when you make a sale of inventory items.

 

For more details, you can check out this article to learn how to compute for the average cost and know which report will help with inventory management: Understand inventory assets and cost of goods sold tracking

 

If you have further concerns about managing reports in QBDT, feel free to come back here in the Community. We're here to assist you 24/7.

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