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Level 1

Actual Cost vs Actual Revenue

I just want to see my actual cost vs actual revenue.  Example:  Item Profitability Report  --  list the service/item, then next column is Act. Cost---Act Revenue---($) Diff----(%) Diff. 

 It shows up with 0.00 under all Act Cost items but Act Revenue and Diff show up (Diff is not correct of course).  I have entered all my cost of items and what we sale it for in the Item List, which is where you enter so you can bill out the items.  In the item list I have the Name, Description, type, Account, U/M,  Price, COST,  COGS Acct....that is all the information on the items.  What am I missing here??????  It's listed on the reports but amounts show 0.00's.

4 Comments
QuickBooks Team

Actual Cost vs Actual Revenue

Welcome to the Community, @Stoney2015. Thanks for sharing the details on what you want to achieve in your report. 

 

The Item Profitability report is designed to show profit and loss by Item over a particular period. It includes the Item, Type, and Current Quantity for the Item.

 

Let's make the item billable to the customer so the cost amount will be included in the report. Here's how: 

 

  1. Go to Customers, then Create Invoices.
  2. Select the customer from the drop-down list.
  3. When you get the Billable Time/Costs prompt, choose to Select the outstanding billable time and costs to add this invoice? option.
  4. Go to the Items tab and put a checkmark on the item, then click OK.
  5. Review the invoice information and hit the Save and Close button. Once done, go back and run the Item Profitability report to see it shows now the correct amount. 

 

I'm also adding an article that's worth reading for an in-depth understanding of the reports in QuickBooks Desktop: Understand reports. It has a list of different reports that provide according to your business needs. 

 

Let me know if you have additional questions. We're always delighted to assist you some more. 

 

Level 1

Actual Cost vs Actual Revenue

Please understand, the item is on the invoice, it is billed out, the invoice is complete, in most cases the invoice is paid.....still no actual cost listed on any report... it shows all zeros.  In the item list I have put all the information in such as the cost and what we sell it for.  It should show up in the reports. .... why is it not?

Level 1

Actual Cost vs Actual Revenue

Please understand...all that has been done.  Everything is where it should be but ALL reports show zeros in the actual cost or cost of goods.  Why is it not showing cost on these reports?????

Moderator

Actual Cost vs Actual Revenue

Thanks for getting back to us, @Stoney2015,

 

There are a few reasons why the Act. Cost column in the Item Profitability Report will show a zero amount. Check this:

 

  • If the Cost field in the Item List is empty.
  • The COGS Account field is not using the Cost of Good Sold category. Example: Expense, Income and other categories.
  • Items with no Cost fields like, Service Items or Other Charges not used for assemblies or reimbursable charges.

If you set up the item correctly and still not showing the Act. Cost amount, run the Verify/Rebuild Utility to diagnose and fix unexpected issues in QuickBooks Desktop. Here's how:

  1. Go to the File menu then Utilities.
  2. Select Verify Data then wait until the diagnosis is done.
  3. If there are issues, proceed to rebuilding the company file.
  4. Tap File menu and Utilities again.
  5. Use Rebuild Data this time then click OK.
  6. Follow the onscreen steps to save a backup.

Once done, launch the report again and see if the same thing occurs. If it doesn't work, please reach out to our Technical Team directly. They can check your company file and provide additional troubleshooting to complete your work.

 

Contact us through these steps:

 

  1. Go to your QuickBooks Home page, then click the Help menu at the top.
  2. Choose QuickBooks Desktop Help from the drop-down.
  3. Hit the Contact us icon.

Let me know how things go. I'll be right here if you need additional help and I want to ensure you're able to track your margin accurately. Have a good one!

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