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erniepomeroy
Level 1

Break Out Sales by Line of Business

Hello all,

 

I have a need to see my Sales in a P&L by Line of Business that correlates directly to my COGS accounts in GL. I need to create 6 Sales accounts and 6 COGS to see my profitability per line of business. Very important in my industry. Just a few as an example:

 

4005 - Sales of Managed Services

5005 - COGS - Managed Services

4010 - Sales of Hourly Consulting

5010 - COGS - Hourly Consulting

4015 - Sales of Project Consulting

5015 - COGS - Project Consulting

 

My goal is to then compare 4005 - 4015 to 5005 - 5015 to see my margins.

 

Currently, the P&L lumps all Sales into Sales without a GL breakout. I can see the COGS breakout just fine as you probably know.

 

How do I accomplish this task in the current QBO version as of 2019-01-11?

 

Thank you,

 

-Ernie

Solved
Best answer January 12, 2019

Best Answers
Rustler
Level 15

Break Out Sales by Line of Business

Consulting and services do not use COGS which is related to the cost of a product that was sold.  your costs should post to an expense account you name Cost of Sales (COS), you can create a new account with that name use a cogs type account, that will put it where it should be on the P&L

QB works on items, so the item you sell for consulting should have the consulting income account selected on that item screen.  Same for each type of thing you sell, that item points/links to the income account you want it to post to.

Same concept for expense, one item posts to one account

View solution in original post

1 Comment
Rustler
Level 15

Break Out Sales by Line of Business

Consulting and services do not use COGS which is related to the cost of a product that was sold.  your costs should post to an expense account you name Cost of Sales (COS), you can create a new account with that name use a cogs type account, that will put it where it should be on the P&L

QB works on items, so the item you sell for consulting should have the consulting income account selected on that item screen.  Same for each type of thing you sell, that item points/links to the income account you want it to post to.

Same concept for expense, one item posts to one account

View solution in original post

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