Invoice does not appear on list of Paid or Unpaid and still shows with cost of inventory on Balance Sheet Report in CASH basis

Hello there, @dal1cas2!

The cost of inventory is the cost of an item purchased from a vendor. And I'm here to help you correct your Balance Sheet report.

You have the option to remove the purchasing cost of the inventory item so it will not show on your Balance Sheet report.

Here's how:

1. Go to Sales.
2. Select Products and Services.
3. Locate the inventory item.
4. Under the ACTION column, click Edit.
5. Delete the amount on the Cost field.
6. Click Save and close.

But I still suggest contacting your accountant to help you review and give you advice about your Balance Sheet report.

Please know that we're always here to help if you have any other questions.

Unfortunately I do not think adjusting the original cost of the item would be the best solution as it may affect other reports. Our cost for the inventory hasn't changed. I'm just wondering if we need to bill the invoice differently so that it will appear in the paid list.

Hi @dal1cas2,

Your cost of goods sold can be found in the Profit and Loss report since it's already paid. Let me show you how to check the report.

1. On the left panel, click on Reports.
2. Look for Profit and Loss on the search bar.
3. Adjust the Report Period.
4. Click on Run Report.

 Also, you need to check the settings of the items you're selling to view the accounts of each item.

Read this article for more information: How to Customize Your Profit and Loss Report?

Please let me know if you have other concerns. 

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@dal1cas2 wrote:

Invoice has a credit on it  that leaves balance due at $0.00. Invoice does not appear on list of Paid or Unpaid and still shows with cost of inventory on Balance Sheet Report in CASH basis. How can I get the Balance Sheet to reflect that their is no inventory cost for the item?

 

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applying a credit to an invoice is a cash transaction in accounting, that is why the invoice is showing in a cash basis report.  and naturally since it is cash basis the cost of what was sold is also posted.

in short, QB doing it right.

there is inventory cost for the item, you paid for it at some point.  Same when you adjust inventory lower, cost is always adjusted too.

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@JonpriL wrote:

Hello there, @dal1cas2!

 

The cost of inventory is the cost of an item purchased from a vendor. And I'm here to help you correct your Balance Sheet report.

 

You have the option to remove the purchasing cost of the inventory item so it will not show on your Balance Sheet report.

 

Here's how:

1. Go to Sales.
2. Select Products and Services.
3. Locate the inventory item.
4. Under the ACTION column, click Edit.
5. Delete the amount on the Cost field.
6. Click Save and close.

But I still suggest contacting your accountant to help you review and give you advice about your Balance Sheet report.

 

Please know that we're always here to help if you have any other questions.

---

REALLY!

You are suggesting that the OP falsify his books?

do not pass go, go directly to jail

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@Alessandra_B wrote:

Hi @dal1cas2,

 

Your cost of goods sold can be found in the Profit and Loss report since it's already paid. Let me show you how to check the report.

1. On the left panel, click on Reports.
2. Look for Profit and Loss on the search bar.
3. Adjust the Report Period.
4. Click on Run Report.

 Also, you need to check the settings of the items you're selling to view the accounts of each item.

 

Read this article for more information: How to Customize Your Profit and Loss Report?

 

Please let me know if you have other concerns. 

---

"since it is already paid"

Just what is that supposed to mean?  what is paid?

Do you understand anything about how accounting works?  inventory especially?

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@dal1cas2 wrote:

 I'm just wondering if we need to bill the invoice differently 

---

Are you talking about a bill or an invoice? 

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@JonpriL wrote:

 

.

 

You have the option to remove the purchasing cost of the inventory item so it will not show on your Balance Sheet report.

 

Here's how:

1. Go to Sales.
2. Select Products and Services.
3. Locate the inventory item.
4. Under the ACTION column, click Edit.
5. Delete the amount on the Cost field.
6. Click Save and close.

 

---

It is odd that the Intuit person does not know that changing the cost in the Products and Services  item screen has no affect on the books at all. That is just used to pre-populate future purchase forms (and to create opening inventory if an opening Qty is entered).

An invoice for our customer. They bought an item but returned another for same amount but not same item. Invoice was entered with charge for item and credit for other item causing the invoice total due to be $0.00. The invoice does not show in the paid or unpaid categories but still shows on balance sheet with our cost as if it is still in inventory.

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@dal1cas2 wrote:

An invoice for our customer. They bought an item but returned another for same amount but not same item. Invoice was entered with charge for item and credit for other item causing the invoice total due to be $0.00. The invoice does not show in the paid or unpaid categories but still shows on balance sheet with our cost as if it is still in inventory.

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Which item, the replacement? Are both the Items inventory type items. How did you enter the credit for other item? As a negative Quantity?; . Can you post a screen shot?