How to show inventory dollars in the P&L

Hi, @dsjd12. I'm here to share some information about inventory showing up in the P&L report.

If you don't enter any transaction like a sale, it won't show up in the Profit and Loss report. That said, you should enter transactions to show recorded income so that it will show up in the P&L report.

Note that the P&L report shows your company's income and expenses.

For more information about COGS, see the QuickBooks Blog. 

To get a better understanding of your cash flow, learn how to set up and use different reports in QuickBooks Desktop. 

Feel free to leave a reply below if you have any other questions. I'll be here to help. Stay safe and have a good one!

Hello Rainflurry,

I have reviewed the solution you’ve shared and it's correct and accurate. Thank you for sharing your inputs to help address the issue.

We love to see members supporting one another! Have a great day. 

Hello 

I could use some input to solve a problem.  I use Quickbooks for all our companies needs other than inventory.  Because of the nature of our company, it is not easy to input actual inventory because of a conversion factor.  I do however want to add an inventory dollar amount into our books and update quarterly upon physical inventory taken.  How do I input a inventory dollar amount into quickbooks?  Can I do this in a general journal entry?

Glad to have you here in the Community, @workday.

Let me present some helpful tips so you can input an inventory dollar amount and record it in your general journal entry in QuickBooks Desktop (QBDT).

To begin, if you are referring to inventory value, you can add it upon creating an inventory item. Let me guide you on how:

1. From the menu bar, go to Inventory.
2. Click New Inventory Item.
3. Fill in the necessary information such as Inventory Part, Item Name/Number, Cost, Sales Price, Income Account, On Hand, and Total Value.
4. Then select OK.

However, if you need to adjust the inventory value for an existing item, you can follow the steps below. You can do this every time there will be a physical inventory taken:

1. From the menu bar, go to Inventory.
2. Select Item List
3. Double-click the item you want to modify.
4. Make the necessary changes.
5. Hit OK.

In addition, QBDT does not allow journal entries for inventory to maintain accurate inventory tracking and prevent errors in inventory valuation. Inventory transactions should be recorded through specific inventory-related functions. It's designed to ensure proper accounting practices and prevent discrepancies in inventory management.

That said, before you make any adjustments to your inventory value, it's advisable to consult with your accountant. If you don't have an accountant, we can assist you in finding one nearby.

Furthermore, you might also want to check these links for additional reference in tracking your inventories and labor cost-effectively in QuickBooks Desktop:

• Adjust your inventory quantity or value in QuickBooks Desktop
• Track job costs in QuickBooks Desktop

However, if you are referring to something else feel free to get back to us by clicking the Reply button below or posting a new query. We are committed to supporting your business endeavors and hope you have a productive day, workday!