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Join nowHello,
I have a clothing store and I buy my stock in bulk therefore I do not have the time to take inventory of each style and each size they come in!
My items have been entered as non-inventory items and I associate a COGS account along with the cost and on the other side I enter the price and my Income Account.
After selling a lot of my inventory, I do not see any NET PROFIT which is my goal from selling my non-inventory items (clothing)!
What am i doing wrong? Is there a different account I need to associate the non-inventory items "costs" to in order to finally see my profits against the invoices with those items? I need to see the profit in the reports of course.
Please if someone can help!!!
Thank you in advance
Hi, Mustafa786.
I can share some information regarding selling non-inventory items in QuickBooks for Mac.
QuickBooks uses a concept called 'Source' and 'Targets' to build transactions and reports. For effective reporting of your profits, you can go through this article to know more about this concept: Targets vs. Sources overview.
To ensure your items are correctly set up, let's check the items on your sales receipt or invoices to verify whether the correct income account is selected. Here's how:
After that, you can pull up and run the Profit and Loss report to see the sold items. That should allow the transactions and profit to reflect on your report. If this doesn't rectify the issue, adding some screenshots on this thread is helpful for us to narrow things down.
If necessary, you can further customize and export the report to Excel. Additionally. you can visit this write-up to learn what other items you can set up and use in QuickBooks Desktop for Mac: QuickBooks Defined: Items.
Please let me know how this goes. I want to ensure everything gets resolved on your end. Have a good day!
Here is the screenshot!
Again to be clear,
I am using non-inventory items for my clothing which I buy in bulk and cannot take stock of.
Goal: see net profit in reports from the non-inventory items sold by invoicing my customers.
Please see if my setup is correct of the non-inventory items.
Thank you again in advance.
Thanks for the screenshot, @Mustafa786.
The screenshot shows the Non-Inventory Item being set up correctly. So let's run a Verify and Rebuild on your Data in QuickBooks Desktop to troubleshoot the Profit and Loss Report. If you have Assisted Payroll, then I recommend reaching out to our Payroll Support. On the other hand, I've provided the steps below on how to do this with ease:
Verify the Data:
Rebuild the Data:
Once you've completed this process, run the Profit and Loss Report, and review the Non-Inventory Items.
Let me know if you need further assistance. I'll be here. Have a good one!
This is awesome, but my items do not have all of these details! What am I missing?! HELP!!!
My business purchases a non-inventory item and sells it... how do I account for it as a COGS as well as an income item when it's sold to a client?
eg: client buys a specific beanie - I create a PO to my vendor for item #123 beanie. I then create an invoice to my client for item #123 beanie....
I don't have that screen in my items:
How do I create an item that I use from a vendor and a client so that it shows properly in the P&L?
Thanks for sharing what you're trying to achieve, West Coast Promo Solutions.
The reason why the details of your items are different from the shared screenshot above because it is from the Inventory Type window.
Since you're using non-inventory items, you'll have to place a checkmark in the box This item is used in assemblies or is purchased for a specific customer: job. This way, you'll be able to track your income and expense.
Here's how:
You can also enter a price and assign a COGS account. However, this item isn't tracked as inventory, that's why it uses the same price when you create an invoice. The sales price you've set up on the inventory part won't show on the transaction. I recommend manually changing the amount from the time you create invoices.
Additionally, you can visit this article: Understand Inventory Assets and COGS Tracking. There, you'll learn more about how QuickBooks handles inventory assets, average cost, and COGS. You can also determine which reports you can pull up so you can effectively track your inventory.
You can count me in if there's anything else you need in managing your items. I'm always here to help you to ensure your success and to your business.
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