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Old nan
Level 1

Inventory , Cogs and Sales - Cogs not showing in P&L

Hello,

 

I'm new user in QBO world, and just in a phase of setting up Accounting features and other.

 

Now Inventory and CoGS is on the menu.

 

I open new product under Inventory type, and assign :

 

Inventory asset account : Inventory Asset

Income account : Sales of Product Income

Expense account : Cost of Sales. 

 

When I post a Bill , the net amount is posted on Inventory Asset, shown in Balance Sheet.

When I post a Sales Invoice , Sales of Product Income is recorded.

 

But Inventory Asset Balance remains unchanged , as well as Cost of Sales ! 

 

There are some "movements" when I run report on that Product , from Products and Services , but movement on GL code Inventory Asset and Cost of Sales is zero (0.00), instead of decreasing Inventory Assets and increasing Cost of Sales.

 

Can someone please help me understand what am I doing wrong in setting up the Inventory products ? 

Many thank in advance.

Kind regards,

Jasna Mato

Solved
Best answer December 21, 2018

Best Answers
Joyce_P
QuickBooks Team

Inventory , Cogs and Sales - Cogs not showing in P&L

Welcome aboard QuickBooks Community, Old nan!

 

I'd be glad to assist you update your product setup, and get your report corrected.

 

Upon checking the screenshot you've shared, it shows that your Inventory Starting Values is zero. This is the reason why both your Inventory Asset Balance and Cost of Sales are zero.

 

Let's edit the product's inventory starting value by following these steps:

 

1.    Click on the Gear icon, and choose Product and Services.
2.    Find the inventory product that you intend to edit.
3.    Under the ACTION column, click Edit.
4.    Under Quantity on hand, click Starting value.
5.    Click Got it!
6.    Fill out the Initial quantity on hand as well as the Initial cost.
7.    Click Save and close.

 

To learn more about managing your inventory, check out this article: Inventory Overview and Setup.

 

Let me know if you have any other concerns. Have a blissful day!

View solution in original post

9 Comments 9
Joyce_P
QuickBooks Team

Inventory , Cogs and Sales - Cogs not showing in P&L

Welcome aboard QuickBooks Community, Old nan!

 

I'd be glad to assist you update your product setup, and get your report corrected.

 

Upon checking the screenshot you've shared, it shows that your Inventory Starting Values is zero. This is the reason why both your Inventory Asset Balance and Cost of Sales are zero.

 

Let's edit the product's inventory starting value by following these steps:

 

1.    Click on the Gear icon, and choose Product and Services.
2.    Find the inventory product that you intend to edit.
3.    Under the ACTION column, click Edit.
4.    Under Quantity on hand, click Starting value.
5.    Click Got it!
6.    Fill out the Initial quantity on hand as well as the Initial cost.
7.    Click Save and close.

 

To learn more about managing your inventory, check out this article: Inventory Overview and Setup.

 

Let me know if you have any other concerns. Have a blissful day!

View solution in original post

tarannum
Level 2

Inventory , Cogs and Sales - Cogs not showing in P&L

I have uploaded inventory in bulk and now, 18 inventory cost is not reflexing in profit and loss. 

 

I suggest the client use QB for inventory management. 

 

Now, I am regretting it. 

RenjolynC
QuickBooks Team

Inventory , Cogs and Sales - Cogs not showing in P&L

I hope you're doing well, tarannum.

 

To verify, do you want to delete the other inventory items? If so, I'll be happy to share some steps.

 

QuickBooks Online now has a Batch action option in the Product and Services page. This means that you will be able to make the items you don't need inactive in bulk.

 

Here's how:

 

  1. Go to the Gear Products and Services.
  2. Click the Filter drop-down and choose the Status, Type, Category, and Stock Status.
  3. Select Apply.
  4. Put a check mark on the items you want to delete.
  5. Click the Batch actions drop-down menu and select Make inactive.
  6. Hit Yes to confirm.

Here's a sample screenshot for a visual reference:

 

 

You can also read this article for reference: How to edit, delete, and restore list elements.

 

Please let me know in the comments below if you need something else. I'll be right here to help you out again. Take care and stay safe!

tarannum
Level 2

Inventory , Cogs and Sales - Cogs not showing in P&L

I know how to delete and restore. 

There are around 20+ inventory items. Uploaded properly as product.

Now, the cost is not reflecting in profit and loss or in balance sheet.

Whom should I contact??

tarannum
Level 2

Inventory , Cogs and Sales - Cogs not showing in P&L

No. Inventory value is not reflecting in the financial statement.

I know how to delete or restore the inventory. 

ChristieAnn
QuickBooks Team

Inventory , Cogs and Sales - Cogs not showing in P&L

Thank you for coming back to the QuickBooks Community to provide further information, tarannum. I'll share detail on how uploaded inventory works in QuickBooks Online.

 

When importing a list of your products and services in QuickBooks Online, this will not show on the Profit and loss or in the Balance Sheet reports. This is because the said reports are only used to shows your summary of income and expenses for your business. Then, a snapshot of what a business owns (assets) and owes (liabilities) at a specific point in time. This is usually completed at the end of a month or financial year and is an indicator of the financial health of your business.

 

The imported inventory appears in the Product/Service List report. That said, I suggest going to the Reports menu at the left panel to pull up the said report. From there, you'll see the specific cost and price per item. I attached a screenshot below for visual reference.

 

 

 

 

However, if the uploaded inventory items are already sold, this should be reflected in the Profit and Loss or in the Balance Sheet. That said, I recommend logging in to your QuickBooks account using a private browser. This is to rule out the possibility of a webpage issue, and private browsing doesn't store local files or cache.

 

Use these keyboard shortcuts based on the browser you're using.

 

  • For Firefox or Microsoft Edge, press Ctrl + Shift + P.
  • For Chrome, press Ctrl + Shift + N.
  • For Safari, hold down Command + Shift + N.

 

If it works in incognito, I recommend clearing the cache of your regular browser. This removes the history or log of sites so you can start with a clean slate. You can check this article to see the steps: Clear cache and cookies to fix issues when using QuickBooks Online.

 

If the steps above didn't work, use another supported browser as alternatives.

 

You can also refer to this article to see several troubleshooting steps on how to resolve transactions that are missing from your Profit and Loss report: Why are my income and expense transactions missing from my Profit and Loss report?.

 

If the issue persists or needs further assistance with the information mentioned above, I suggest contacting our QuickBooks Support Team. They have the tools to pull up your account investigate the cause of the issue. They can also provide extra details on how inventory works in the system.

 

Please refer to this article to see steps on how you can manually enter your inventory products and the details associated with the items: Add inventory products in QuickBooks Online.

 

Please know that I'm just a post away if you have any other questions about the report. Wishing you and your business continued success. 

tarannum
Level 2

Inventory , Cogs and Sales - Cogs not showing in P&L

Thank you for reply.

I know how profit and loss and balance sheet work.

I uploaded inventory with opening balances.

Now, inventory value is reflecting on the balance sheet. Except a few 20 product value. 

I guess I should contact support. 

 

Update:

I contact the support and support team sorted out my issue. 

Thanks for the reply everyone. 

 

OVBaccount
Level 1

Inventory , Cogs and Sales - Cogs not showing in P&L

Can you please explain how your issue got resolved? I am having the same issue here. 

Everything is updating correctly except for COGS. Thank you.

RenjolynC
QuickBooks Team

Inventory , Cogs and Sales - Cogs not showing in P&L

Thanks for chiming in on this thread, OVBaccount.

 

If you have followed the steps shared above and still getting the same situation, I'd recommend reaching out to our Customer Care Team. They can do a screen sharing session with you and investigate what's causing this behavior on your Profit and Loss report.

 

Here's how:

 

  1. Click the Help icon located in the upper right-hand corner.
  2. In the Help window, click the Contact Us button located at the bottom.
  3. Enter your question and click Let's talk.
  4. Choose either Start a chat or Call us.

If you have the new QuickBooks Assistant help update, you can follow these steps:

 

  1. In your QuickBooks Online account, go to the Help > Assistant.
  2. Type Talk to a human and proceed with I still need a human.
  3. Click the Contact us link.
  4. Select either Messaging or Callback.

To learn more about the reports in QuickBooks Online, you can read this article: Reports included in your QuickBooks Online subscription.

 

Please keep us posted on how it goes. We want to make sure this is resolved for you. Take care and stay safe!

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