cost of sales more than the sales itself

I can help you review the price you entered in your items, googlebobby.

The Sales price/rate on the items information is the amount you sell to your customers. The item's cost on the other hand is the amount when you purchased it from a vendor. 

To verify these details, you can follow these steps: 

1. Go to the Sales menu.
2. Click Product and Services.
3. You'll see both the Sales Price and Cost column which you can compare. 
4. To update it, just click Edit under the ACTION column. 
5. Enter the correct details under the Sales price/rate and Cost field. 
6. Click Save and close.

QuickBooks doesn't retroact. Thus, changes will only take effect in future transactions. If you want to update existing ones, you can open them individually and toggle the item again. 

I'd still suggest reaching out to an accountant that will help you manage your inventory setup. Updating your items can affect your books and a bit of advice from them is also a great help. 

I'll be attaching articles for future reference: 

• Set up and track your inventory in QuickBooks Online
• FAQ: Basic troubleshooting for balance sheets

Keep me posted if there's anything else that you need help with. Take care and have a great day!

@Catherine_B 

hello Catherine,

thanks for the reply and much appreciated. 

there are an item cost and sales price for these items (local currency), however, that invoice is for exporting and the sales price is in USD. but I don't think the currency is the factor that causes the issue. 

also, there is something I can't understand, the purchase of one of the items 8810 doesn't show in the inventory, that is why there is a minus in the inventory when we issue the invoice to the clients. 

do you have any idea how could it act like that?

thanks 

Bob

Thanks for getting back to us and providing screenshot, Bob. I can help share some information why you got a negative inventory in QuickBooks Online.

When you sell out a product, the quantity on hand is zero. If the QOH is less than zero, then you'll have a negative inventory. I've listed down below the causes of a negative inventory in QBO:

• You sell more products than you actually had.
• You didn't enter all of your purchase orders into QuickBooks.
• You miscounted your physical inventory so the quantity is different.
• The quantity you got from your vendor didn't match the purchase order in QuickBooks. This can cause a miscount.
• You didn't convert your purchase orders to bills. QuickBooks only counts items as inventory after you create a bill.

You can learn more details on how to fix the negative inventory in this article.

Should you have any additional questions regarding inventory, do let me know. I'm here to help.