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XL_Velo
April 23, 2021
Question

COGS and P&L discrepancy

  • April 23, 2021
  • 1 reply
  • 17 views

Hello again, I ran a Profit and Loss report and noticed that my COGS is only showing a few shipping transactions and none of my inventory items.

 

All of my inventory has a starting date and starting value, with a sale price and cogs price, so that is not the issue. In fact, when I run a COGS report, I get a sum of the COGS.

 

I also checked to make sure the funds are not sitting in an undeposited account, and they are not.

 

Please see the attached screenshot. What am I missing? Thank you.

 

 

1 reply

E
Ethel_AQuickBooks Team
QuickBooks Team
April 23, 2021

Hello there, XL_Velo.

 

I appreciate you reaching out to us here in the Community with your concern about the Profit & Loss report.

 

For the shipping COGS, it will not be included in COGS with inventory product if the shipping is not included in the cost of the item.

 

You may also check on how to customize reports in QuickBooks Online to add some options that you want with your reports.

 

If you have any other questions about running reports, please don't hesitate to reach out. I'm always here to help.

X
XL_VeloAuthor
April 23, 2021

Hi, I'm not concerned with those few shipping charges, I'd like to know why the 22K of inventory sales does not show up on the COGS portion of the P&L report. 

S
SirielJeaBModerator
Moderator
April 14, 2023

Did you find a solution??? I'm getting the same stupid responses from QB Support as if these people have absolutely no idea how accounting principles even work


Hello there, @7399socks. I appreciate you posting your concern again in our Community thread. 

 

I recognize the need for this to be rectified as quickly as feasible. I just wanted to let you know that I responded to your previous post. You can submit any follow-ups there to keep it streamlined and offer you the best resolution. 

 

If you didn't get notified of your first post, please visit this link: https://quickbooks.intuit.com/learn-support/en-us/reports-and-accounting/re-help-cash-basis-reports-not-expensing-inventory-purchases/01/1245229/highlight/true#M183479.

 

Refer to this article if you want to save the customization settings of your reports in QuickBooks Online: Memorize reports in QuickBooks Online.

 

Please let me know if you have further concerns. I'm always looking forward to helping you. Take care!

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