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Join nowHello,
I have a service oriented business where my COGS are my cost of labor. When I set up items in my list, I can associate them with the relevant income account. Can anyone tell me how to get my cost of labor integrated into my list? For example, I have classes that are offered. Assigning an item based on a receipt from a student is the easy part. The cost of labor (teacher wages) is sitting in the relevant account, but I'd like to integrate it into my list so at the end of the day I can show what each class' profit is.
Thanks.
Don't sweat it! I've got just the steps you'll need in capturing the costs to your service items, @tlenzmeier.
It will only take a few steps. Here's how:
For your reference, check out our guide on managing items in QuickBooks Desktop. This includes answers to frequently asked questions about handling items in QBDT.
Be sure to keep in touch should you need any more help in setting up your items. I'm always around to help. Have a great day!
Thanks! I managed to figure that out by trial and error. Maybe you could answer one more question. For another offering, we have a competition where our direct costs are labor. We judging fees, secretary fees, hospitality, and so on. What would you suggest as approach? Do you need one item per expense?
Thanks!
Yes, I'd recommend having one item per expense, @tlenzmeier. Let me share further details about this.
There's a need to have one item per expense (i.e., judging fees, secretary fees, and hospitality) to appropriately account for your company's direct cost of labor. This way, you're able to organize your financial data and keep your account updated. To do this, here's how:
Additionally, here's an article that answers the most frequently asked questions about managing your items in QBDT for Mac: Item Lists in QuickBooks Desktop for Mac.
Also, you're able to add your customized item fields in QBDT. This way, you can capture specific customer, vendor, employee, product, and service details. Then, you're able to focus on the info that matters most to your business. To learn more about this, you can check out this article: Create and use custom fields in QuickBooks Desktop for Mac.
Let me know in the comments below if you have other concerns about managing your item lists and expense transactions in QBDT for Mac. I'm just around to help. Take care always.
Rea,
I must be daft. Let me lay out my framework and you can enlighten me:
Entry fees (income) -- Item
Judge (COGS) -- Item -- sub-item of entry fee?
Facility fee (COGS) -- Item: sub-item of entry fee?
Secretary fee (COGS) -- Item:sub-item of entry fee?
Net
Also, do I check the box performed by a subcontractor? This opens up expense and income accounts.
At the end of the day, I would like to run the item summary report. I am hoping to see my COGS stuff in the adjoining columns.
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