Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Connect with and learn from others in the QuickBooks Community.
Join nowTransactions are not posting correctly as revenue. As is explained on the blog, when recording an invoice the following actions are created: "One is to create A/R debit and the credit side is Revenue Income account. And since this is an Inventory item, it will reduce the inventory level by crediting the Inventory Asset account and debiting the COGS expense account." I am not seeing a matching revenue transaction on the revenue side and my boss is asking about this. For instance, with Invoice 986147 it's recorded as COGS, but this was revenue for the business and is not posted as such, when you open up revenue. When I post the payment the revenues are never generated and posted to the P&L apparently.
We would be happy to work on a cash basis but this apparently does not help post the transaction as revenue-- even in this case, Invoice 986147 does not show up under sales as it should. Invoice 986146 does not make sense to me as it should post the same as 986147. The inventories have been set up as we like. Customer service general help line does not seem to be of much help on these matters unfortunately.
Hi @Paras1,
You'll need to set the Revenue Income account as the actual income account of your inventory product so it shows up in the transaction's journal entry.
Check out the screenshot below for your reference where I used Sales of Product Income as the income account:
To change your inventory product's income account, follow these steps:
I also suggest you view this article: Group your products and services into different categories. It has the steps on how you can group your products and services. This allows you to get an organized view of your sales and inventory in reports.
Post a reply if you have other questions about your products and services in QuickBooks Online. I'll be around to help you out if you need it.
Thanks for the help. I believe reclassifying accounts is helping. Now, how when does COGS post to QBO when you are doing accrual based accounting. I don't know if I grasp this, because under accrual nothing is posting. I figured, based on the following principle as posted in the blog, that there would be a debit to COGS generated with each inventory transaction?? "One is to create A/R debit and the credit side is Revenue Income account. And since this is an Inventory item, it will reduce the inventory level by crediting the Inventory Asset account and debiting the COGS expense account."
Thanks for the help. I believe reclassifying accounts is helping. Now, how when does COGS post to QBO when you are doing accrual based accounting. I don't know if I grasp this, because under accrual nothing is posting. I figured, based on the following principle as posted in the blog, that there would be a debit to COGS generated with each inventory transaction?? "One is to create A/R debit and the credit side is Revenue Income account. And since this is an Inventory item, it will reduce the inventory level by crediting the Inventory Asset account and debiting the COGS expense account."
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.