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My Home Depot sync downloaded transactions with 0.00 in COGS and the sales tax categorized. In my P&L the sales tax transactions show up but nothing in expenses or COGS for the actual amount spent on product. I this reflected in just the credit card payments I paid or do I need to categorize the products into COGS to accurately show expenses? I don't want to double expenses here.
Hello there, @cmb360.
I can provide information about the Home Depot transactions shows zero amount in Cost of Good Sold (COGS) in QuickBooks.
In QuickBooks, the COGS refers to the cost of producing an item or service sold by a company. With that, if the items associated to the expense transaction is Non-inventory or Service items, you'll need to make sure that they're set up to calculate COGS.
To do that, ensure to put a checkmark in the I purchase this product/service from a vendor and choose the Cost of goods sold as the Expense account.
Please refer to the screenshot for reference:
However, if it's an inventory item it should automatically calculate COGS.
Moreover, you can also provide us a screenshot on how you set up the item for us to visually verify why does the COGS in the Profit and Loss reflects zero amount.I'm leaving these articles for future reference in managing transactions and reconciling accounts to ensure everything matches your bank statements:
Please tag me in the comment section if you have clarification or other QuickBooks queries. I'm always around to help.
Thanks for the quick reply. Here's how it was automatically setup by the Home Depot syncing tool when I selected details instead of summary.
Am I safe to assume that since my Home Depot card payments get paid out of my connected bank account and are categorized as COGS that all my COGS are accounted for?
