average cost in P/L

Forum|Forum|4 years ago
May 19, 2022
2 replies
8 views

my P/L report shows me always the average cost. this one is sometimes, or many times, below the actual cost. how can I change it to user defined cost?

QuickBooks Desktop

Rasa-LilaM

QuickBooks Team

Hello there, hongkonghelmut.

I’d be glad to help change the arrangement of the information shown in your Profit and Loss report. However, I just need more information on what you’re experiencing to ensure the best solution.

What specific account did you select in the Filters tab? May I know if you run the Transaction Detail by Account for a specific category in the Profit and Loss report?

I also appreciate it if you can provide a screenshot of the report. This is to give a clearer view of what’s happening to the statement.

Thank you in advance. I look forward to hearing back from you hongkonghelmut.

hongkonghelmutAuthor

I just go to the standard report center and select profit/loss and voila, it is using the average cost

Rea_M

Level 10

Hello there, @hongkonghelmut.

I'm glad you're able to figure out the resolution of your reporting concern and for sharing it here in the Community. If there's anything else that you need or if you have any other questions feel free to post here anytime.

Thanks for being the best part of QuickBooks, and have a lovely day!

Rainflurry

Level 11

@hongkonghelmut

Average cost is calculated by taking the average of the actual cost you paid for your inventory. Are you saying that it is many times below the current cost? You can't change it to a user-defined cost. The IRS only allows specific methods for valuing your inventory (See IRS Publication 538).

hongkonghelmutAuthor

my profit and loss report ALWAYS uses average cost. I can change it to what ever I want. it always uses average

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