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Level 1

Should i make invoice deducting the toll charges frm same invoice because its my supplier demand. It shows my cost of sales in negative in profit and loss statmnt.Thnk u

 
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QuickBooks Team

Should i make invoice deducting the toll charges frm same invoice because its my supplier demand. It shows my cost of sales in negative in profit and loss statmnt.Thnk u

I have the steps to resolve the negative amount in the cost of sales in your Profit and Loss statement, @Yasir.

 

There's no need to create an invoice to correct the amount. What you'll need to do is go back to the Profit and Loss report to check the inventory item you've added to QuickBooks. Inventory Item has three accounts, which are expense, income, and asset.

 

Here's how:

  1. Click the Customize button on the upper right side.
  2. In the Filter tab, choose a correct account and supplier.
  3. Tap Run report.
  4. Double click on the Cost of Good Sales (COGS) to get the transaction report.
  5. Click the negative amount and check the item.
  6. Choose either expense, income, and asset depending on what account associated with that transactions.  

Also, you can use these articles for more information about tracking what you make and spend on each product or service you sell.

 

 

Let me know if you have other concerns. I'm always here to help. Take good care. 

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