P & L showing negative balance for COGS job material purchase

I've got you covered, 8x8Contract.

I'm here to ensure you'll get the correct data when pulling up your profit & Loss report in QuickBooks.

To start, I'd suggest accessing the Profit & Loss report to drill down and get the transactions. This way, we'll be able to see which causes the balance to become negative. 

Here's how:

1. Go to the Reports menu and then select Company & Financial.
2. Select the specific Profit & Loss report you'd like to run.
3. Filter and customize the report if necessary.
4. Locate the transactions and then double-click to open them.
5. See what's causing the amount to be negative.

Also, I'd recommend checking the items used in the transactions. You'll have to ensure they have a linked account. If you're using inventory items, please note that these use three accounts:

• Expense = COGS
• Income = your sales Income account
• Asset = inventory asset

Once you figure out the cause of the issue, I encourage editing the transactions to correct them. Then, run the report again.

To learn more about basic information that you can see on reports, please see this article: Understand Reports.

Additionally, I've included these articles that'll help manage your reports in QuickBooks:

• Create, Access, and modify memorized reports
• Combine Reports from Two or More Company Data Files
• Set up and Modify Scheduled Reports

Please come back and keep us posted on your progress in getting this issue resolved. It's my priority to ensure your books are accurate.

Hi 8x8Contract,

Hope you’re doing great. I wanted to see how everything about pulling up the correct data on your Profit & Loss report. Do you have any clarifications? If you do, just let me know. I’d be happy to help you at anytime.

Looking forward to your reply. Have a pleasant day ahead!