I have a service oriented business where my COGS are my cost of labor. When I set up items in my list, I can associate them with the relevant income account. Can anyone tell me how to get my cost of labor integrated into my list? For example, I have classes that are offered. Assigning an item based on a receipt from a student is the easy part. The cost of labor (teacher wages) is sitting in the relevant account, but I'd like to integrate it into my list so at the end of the day I can show what each class' profit is.
Thanks! I managed to figure that out by trial and error. Maybe you could answer one more question. For another offering, we have a competition where our direct costs are labor. We judging fees, secretary fees, hospitality, and so on. What would you suggest as approach? Do you need one item per expense?
Yes, I'd recommend having one item per expense, @tlenzmeier. Let me share further details about this.
There's a need to have one item per expense (i.e., judging fees, secretary fees, and hospitality) to appropriately account for your company's direct cost of labor. This way, you're able to organize your financial data and keep your account updated. To do this, here's how:
Go to the Lists menu.
On the Item List window, select the Plus (+) icon, then select New Item.
Also, you're able to add your customized item fields in QBDT. This way, you can capture specific customer, vendor, employee, product, and service details. Then, you're able to focus on the info that matters most to your business. To learn more about this, you can check out this article: Create and use custom fields in QuickBooks Desktop for Mac.
Let me know in the comments below if you have other concerns about managing your item lists and expense transactions in QBDT for Mac. I'm just around to help. Take care always.