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Level 2

Why my cost of sales doesn’t appear in my profit & loss report however I’ve added all my products cost to the price of it in expenses section?!

 
Solved
Best answer December 26, 2019

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QuickBooks Team

Why my cost of sales doesn’t appear in my profit & loss report however I’ve added all my products cost to the price of it in expenses section?!

Hey there, @ammarzietoon.

 

Thank you for your feedback and for providing some insight on the Cost of Sales not appearing on your Profit and Loss Report. 

 

I'll be going through the steps on how to get the cost to show up on your P&L Report and here's how:

 

1. Go ahead and sign in to your account, then hover over the Sales tab.

 

 

2. Choose the Product and Services option.

 

 

3. Once here, find the item in the list that you will need to correct and choose the blue Edit button located on the right side of the screen.

 

 

4. Now on the Edit screen, scroll until you find the area containing the Starting Value hyperlink and click. 

 

 

5. Finally, here you'll see a box labeled as "Initial Cost". Enter the cost of the product here and Save and Close.

 

 

Afterward, let's also make sure that Costs are put in every Product and Service and Initial Cost is put in too. When completing these steps, go back to your Profit and Loss Report and your Cost of Sales will show on your report.

 

If you have any more questions, please don't hesitate to reach back out. I'm always a comment away!

 

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13 Comments
Highlighted
Moderator

Why my cost of sales doesn’t appear in my profit & loss report however I’ve added all my products cost to the price of it in expenses section?!

Good day, ammarzietoon.

 

Cost of sales measures and accumulates a total of all costs for a product with inventory type. In this case, you'll have to ensure each product type of the item, so the cost of sales will show up on your report.

 

You can read our rundown and learn how tracking inventory impacts your reports: Impacts of inventory tracking on Balance Sheet and Profit & Loss reports.

 

To edit or change the type of the product:

  1. Click on the Gear icon and choose Products and Services.
  2. Locate the item and click on the Edit link.
  3. Click on the Change type link in the Product/Service information panel select Inventory.
  4. Set the necessary information of the product. 
  5. Once you're done, click on Save and close.

See the Change Product and Service types article for further guidance.

 

In case you want to modify a product, refer to this link: Remove or merge a product or service.

 

You can always visit us and click on Reply if you have further questions. 

Highlighted
Level 11

Why my cost of sales doesn’t appear in my profit & loss report however I’ve added all my products cost to the price of it in expenses section?!

@ammarzietoon 

 

Just curious, which plan do you have? You need a Plus plan or Advanced plan to track inventory and show COGS when you create sales like Invoice or Sales Receipt.

 

Also, assuming you have got a Plus plan (or Advanced), you will need to run the P&L report on the accrual basis (not Cash Basis) to show COGS.

 

Hope this helps!

Highlighted
Level 2

Why my cost of sales doesn’t appear in my profit & loss report however I’ve added all my products cost to the price of it in expenses section?!

I’ve a plus plan and I do accrual method but the no. Is not correct. It should be multiplied with the quantity sold but it doesn’t.

Highlighted
QuickBooks Team

Why my cost of sales doesn’t appear in my profit & loss report however I’ve added all my products cost to the price of it in expenses section?!

Thank you for the additional information, @ammarzietoon.

 

QuickBooks will follow the FIFO (First In, First Out) entry of inventory. The report will calculate depending on the cost of the item when purchasing or recording it. This will not base on the rate or cost set up under the Products/Services.

 

An example is, you've set up an item with 50 as cost and when recording an expense, the cost entered is 60. The report will base on the amount entered on the expense transaction.

 

Check out these screenshots for your visual reference.

c17 1.PNG c17 2.PNG c17 3.PNG

c17 4.PNG

 

You can also read these articles for more information about inventory tracking in QuickBooks Online:

 

Leave a comment below if you have any other questions. I'm a post away to help. Have a great day!

Highlighted
Level 2

Why my cost of sales doesn’t appear in my profit & loss report however I’ve added all my products cost to the price of it in expenses section?!

Thanks for helping me but I want you to know that the main problem for me is that the cost doesn't multiplied to the products have been sold.

Highlighted
Moderator

Why my cost of sales doesn’t appear in my profit & loss report however I’ve added all my products cost to the price of it in expenses section?!

Hello again, @ammarzietoon. Thanks for your prompt response. 

 

If you've mean that the amount doesn't calculate the quantity and rate, I'd recommend using a private browser. Since when creating transactions, QuickBooks Online automatically calculates the amount.

 

There are also times that your default browser is filled with data and temporary files from previously visited websites. Doing so helps isolate the issue. You can use the keyboard shortcuts below:

  • Chrome: Ctrl+Shift+N
  • Internet Explorer: Ctrl+Shift+P
  • Firefox: Ctrl+Shift+
  • Safari: Command+Shift+N

Once you've opened a private browser, try to create a test transaction and check if the amount is calculated properly. If it works, to ensure this doesn't happen again, it's a good idea to clear the cache of the browser you're using or trying other supported browsers

 

I'll appreciate if you can get back to me and share how it works. I want to ensure that this gets resolved. Happy Holidays. 

Highlighted
Level 2

Why my cost of sales doesn’t appear in my profit & loss report however I’ve added all my products cost to the price of it in expenses section?!

And I want you to know that I didn't make an expense account I just added the cost to the product/ services item.

Highlighted
QuickBooks Team

Why my cost of sales doesn’t appear in my profit & loss report however I’ve added all my products cost to the price of it in expenses section?!

Thanks for attaching a screenshot, ammarzietoon.

 

Do you have other COGS account created in your Chart of Accounts? If so, let's check if the product/service item in question is reported in that account. Here's how.

  1. Go to Accounting, then Chart of Accounts.
  2. Scroll down to your Cost of Goods Sold accounts and then Run a report for each of them.
  3. Then look for the transaction and verify if the Amount is correct.

Once done, you can go back to your product and services screen to edit your item's COGS account. This process will correct the posting of your Profit and Loss report.

 

If you don't have other COGS accounts created, please try accessing your QBO using a private browser. This will help us identify if it's browser-related or not. Please follow the keyboard shortcuts provided by my colleague @MirriamM.

 

Once you're done, check your report again to see if it's calculating correctly now.

 

Disable the cache of your regular browser if it's working. The stored data can cause some odd errors and simply needs to be cleared from the browser.

 

If not, please contact our Customer Care Support so we can investigate further.

 

I've also added this article about inventory status reports for your additional resources.

 

Please know that I'm always here to assist you further so don't hesitate to reach out anytime. Enjoy the holiday seasons.

Highlighted
Level 2

Why my cost of sales doesn’t appear in my profit & loss report however I’ve added all my products cost to the price of it in expenses section?!

I tried it but I found that there are no amount in Cost of goods sold report and few invoices have been added to Cost of sales report. I think the main problem is that not all invoices added to the cost of sales report. So the P/L report doesn't calculated all cost of sales. And I tried to remove the cash and open private browser and nothing change. 

Highlighted
QuickBooks Team

Why my cost of sales doesn’t appear in my profit & loss report however I’ve added all my products cost to the price of it in expenses section?!

Thank you for the response and performing the troubleshooting steps that was provided, @ammarzietoon

 

Cost of Sales (COS) will only calculate if you used an inventory type of item. As mentioned by colleagues, if you added a quantity on hand when creating it, this will have a zero cost and will show a zero COS in your report.

 

Stay in touch if you still need help with your report. I'm always here to assist. 

Highlighted
Level 2

Why my cost of sales doesn’t appear in my profit & loss report however I’ve added all my products cost to the price of it in expenses section?!

You said "if you added a quantity on hand when creating it, this will have a zero cost and will show a zero COS in your report."
So what is the solution?!

Highlighted
QuickBooks Team

Why my cost of sales doesn’t appear in my profit & loss report however I’ve added all my products cost to the price of it in expenses section?!

Hey there, @ammarzietoon.

 

Thank you for your feedback and for providing some insight on the Cost of Sales not appearing on your Profit and Loss Report. 

 

I'll be going through the steps on how to get the cost to show up on your P&L Report and here's how:

 

1. Go ahead and sign in to your account, then hover over the Sales tab.

 

 

2. Choose the Product and Services option.

 

 

3. Once here, find the item in the list that you will need to correct and choose the blue Edit button located on the right side of the screen.

 

 

4. Now on the Edit screen, scroll until you find the area containing the Starting Value hyperlink and click. 

 

 

5. Finally, here you'll see a box labeled as "Initial Cost". Enter the cost of the product here and Save and Close.

 

 

Afterward, let's also make sure that Costs are put in every Product and Service and Initial Cost is put in too. When completing these steps, go back to your Profit and Loss Report and your Cost of Sales will show on your report.

 

If you have any more questions, please don't hesitate to reach back out. I'm always a comment away!

 

View solution in original post

Highlighted
Level 2

Why my cost of sales doesn’t appear in my profit & loss report however I’ve added all my products cost to the price of it in expenses section?!

It works for me thanks alot.

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