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XL_Velo
April 23, 2021
Question

COGS and P&L discrepancy

  • April 23, 2021
  • 1 reply
  • 16 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. 

X
XL_VeloAuthor
April 24, 2021

Thank you for getting back, @XL_Velo.

 

I appreciate you for performing some troubleshooting steps to get the correct balance of your report. I'm here to share with you some additional information about the Cash and Accrual methods of accounting.

 

Moving forward, please make sure to set the dates of your report correctly to get the accurate result when switching from Cash to Accrual and vice versa.

 

You can open this article to learn more about the difference between cash and accrual methods for QuickBooks Online: Choose between cash and accrual accounting methods in reports.

 

Moreover, you can skim through the topics from this link for more hints about handling your reports: Run reports in QuickBooks Online.

 

If you have any other questions, let me know by adding a comment below. I'm always here to help. Have a good one!


Thanks, but I feel like I maybe did not ask the right question. 

 

All of the work done up until recently on QBO was on the Accrual basis (August 2020 to March 2021). Upon preparing our taxes, I realized this and changed to Cash in the advanced settings menu. When I run the P&L for last year, the COGS appear when Accrual is selected, but they disappear when Cash is selected (see attachment). 

 

Is there a way to make last years transactions appear as if they were done as Cash (i.e. show on the P&L when I toggle to Cash, i.e. retroactively make it look like we were using the Cash basis the whole time)?  

 

Note: the books were being handled by someone else and I've found only recently that they actually weren't being handled at all, so nothing to date has been reconciled. I'm basically doing everything from the past now to make it right, so I'm fine with undoing things to make this work as Cash as it should have been.

 

Thank you again.

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