Revenue/COGS tracking to reports

JH981 · ‎September 21, 2023

We are an apparel wholesaler - however, we also sell Direct to Consumer (DTC) via website. And we have some Private Label (PL) customers.

I have GL Revenue & COGS accounts set up for each of the 3 chains. We want to be able to look at our P&L and see invoice tracking to the 3 chains. I have been able to use "Items" for the PL customers - only a limited amount of Items are PL.

My question is: can we assign Revenue & COGS accounts to a Customer so that regardless of Items sold to DTC consumers on our Shopify website, all invoices for Shopify track to DTC GL Accounts?

OnTrack Team · ‎September 21, 2023

@JH981,

If you have QuickBooks Enterprise, you can assign a class to a customer.

Each invoice created for that customer will automatically be assigned with that class.

If you don't have Enterprise, you can still assign a class to each invoice.

Running reports by class would then give you just what you're looking for.

Let me know if this helps.

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JH981 · ‎September 24, 2023

Thank you for your comment. How do you assign a Class to a Customer? And once a Class is assigned, how do I route Revenue and COGS to GL Accounts for that Class? where would I enter that information?

OnTrack Team · ‎September 26, 2023

@JH981,

In QB Enterprise go to Preferences | Accounting | Company Preferences | Check the option 'Use class tracking for transactions' | Assign classes to: Names.

Note that this does not change how transactions are posted to the GL accounts. Instead, using classes gives you the right tool for reporting different classes with the same accounts.

You would then run a P&L by Class.

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Revenue/COGS tracking to reports