COGS Doubling

@jth21usa 

That is a frequent question on this forum.  QB will do that when you oversell an item.  When you oversell the first item, it won't record any COGS but will make it up when you sell the next item. 

I'm not sure what over sell is, I had two items in stock and sold one. Is there a way to manual correct or over ride?

Hello there,@jth21usa.

I'm here to help you figure out how to resolve these discrepancies in COGS. Let me go over some specific information.

One of the reasons why COGS is unable to match P & L is that there are items that were entered or received that have an incorrect cost.

Items initially don't have a cost, and we're only entered after a sale has been made. Or there are adjustments to the QuickBooks Desktop COGS account that have been made that will not be reflected in Point of Sale.

Moreover, running an Item Summary report is the key to determining whether items have a zero cost.

1. Select Sales > Item Summary from the drop-down menu.
2. By selecting Modify and then Revert, you can ensure that all filters and customization have been removed.
3. To sort and group by Item, click the Item Name column header.
4. Look for 0.00 dollar amounts in the Ext Cost column. Inspect other item costs to ensure they are what you would expect.

Note: If no items have 0.00 dollar amounts, try Solution 2.

Let's try fixing this by following the steps below:

1. Make a note of the item or items with a 0.00 ext cost.
2. Select Inventory, then select Item List.
3. Select Edit after bringing up each item one at a time.
4. Examine the History report to see how many items sold for free.
5. Multiply the quantity sold by the cost of each item.
6. Enter this amount into QuickBooks Desktop and create a journal entry that debits Inventory assets and credits the Cost of Goods Sold.

Furthermore, to avoid this problem in the future, please make sure you receive items on a voucher rather than manually entering quantities as you add new items.

Feel free to visit this page for your reference in resolving discrepancies with the Cost of Goods Sold in QuickBooks Desktop.

In addition, read this QuickBooks Blog on to how to calculate and record COGS.

If you have concerns, tap the Reply button. I'll be around to offer some help. Have wonderful day.

@jth21usa  RE: I'm not sure what over sell is, I had two items in stock and sold one. Is there a way to manual correct or over ride?

Oversell means you sell into the negative, sell things you have not yet purchases (or, technically, have not recorded the purchase for) at the time that you record the sale.

If, at the time you created the two sales, you had two if an item in stock, purchased on a prior date, then after creating two sales in a row for one of each of those two items, so that the resulting ending QOH is >= 0, then the COGS on both sales will be the same.

Since they're not, then something else must have happened.