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Olafandmaggie
Level 2

Print on demand costs

How do I account for costs for print on demand products in my online store. I do not hold inventory. If I understand correctly, COGS are only for inventory expenses

Solved
Best answer November 23, 2020

Best Answers
Rustler
Level 15

Print on demand costs

True, COGS is related to the cost of inventory items sold when you file taxes.

 

In the chart of accounts, new account there is a COGS type account called Cost of Sales (COS) use that for your print on demand costs

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6 Comments 6
Rustler
Level 15

Print on demand costs

True, COGS is related to the cost of inventory items sold when you file taxes.

 

In the chart of accounts, new account there is a COGS type account called Cost of Sales (COS) use that for your print on demand costs

View solution in original post

Olafandmaggie
Level 2

Print on demand costs

Ok, that makes sense. Do I post all costs there, like shipping costs the print on demand company charges along with the product expense?

jaywolfe
Level 1

Print on demand costs

Anyone know the answer to this?

Jen_D
Moderator

Print on demand costs

Thanks for posting here, @jaywolfe,

 

Before doing anything, I always recommend consulting an accounting professional for this. They can provide accounting advice for your business type and guide you with the right thing to track your cost accurately.

 

Some of us here are not trained tax professionals, so you will need them for confirmation.

 

If you need to set up the expense account, use the steps below:

 

  1. Go to the Gear icon then Chart of Accounts.
  2. Click New then pick Cost of Goods Sold.
  3. Pick a COS Detail Type the add the name of the account. See this example:
  4. Once done, click Save and Close.

 

To add an item to assign the COS, follow the steps below:

 

  1. To do that, tap the Gear icon the choose Products and Services.
  2. Click New then pick the type you want to use.
  3. Make sure to associate the correct accounts you created in the Chart of Accounts into the item.
  4. Fill out all the information about the item then press Save and close.

 

If you have any questions about this, please let me know in the comment below. Have a god one!

BUTTERFLY11
Level 1

Print on demand costs

Hi,

There is no COS By itself under COGS, only other cost of services - COS cost of sold goods, is it the same Cost of Sales (COS)?

AbegailS_
QuickBooks Team

Print on demand costs

Thanks for joining the thread, BUTTERFLY11.

 

I'll be glad to share what I know about  COS and COGS.

 

Cost of Goods Sold, (COGS), can also be referred to as cost of sales (COS), cost of revenue, or product cost, depending on if it is a product or service. It includes all the costs directly involved in producing a product or delivering a service.

 

The Cost of Sales and Cost of Goods sold both track how much it costs a business to produce a good or service to customers. 

 

There is almost no difference between the two. The terms are typically used interchangeably in accounting

 

I recommend consulting your accountant for help in selecting which to use in tracking stocks.

 

This article will help you add product and service items to QuickBooks Online.

 

 

Don't hesitate to post a reply below if you have further QuickBooks concerns. Stay safe and take care always. 

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