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elecuyer
Level 2

Transaction Report for an expense account shows invoices

Hello - 

 

From my Profit and Loss I select a Cost of Goods Sold expense account. The Transaction Report for this expense account opens and displays some correct expenses that have been categorized, but also includes client invoices. The client invoices that appear on this transaction report are all for a specific product which is set up to this COGS expense account (the income account is a different account and the expense account is this COGS account)

 

This report should only show our expenses (COGS), not client invoices where we billed clients. 

 

I have no idea why this is happening. Can anyone please help? Thank you!

 

3 Comments 3
RCV
QuickBooks Team
QuickBooks Team

Transaction Report for an expense account shows invoices

I can see you’ve done your due diligence trying to get this resolved, elecuyer.

 

When running the Profit and Loss report, the account tied to that specific item may be an expense account in QuickBooks Online (QBO). Let's verify the information on the Products and Services page by following the steps below: 

 

  1. Go to the Gear icon and select Products and Services.
  2. Find the item and click Edit under the Action column.
  3. Click the Income account dropdown. Make sure choose an income account you want to use to track the sale.
  4. Click Save and close.

 

You can find these instructions from our guide: Add product and service items. You can also add, edit, or delete accounts to make sure your transactions are categorized correctly. If the same thing happens, let's sign in to QBO using a private or incognito window. This helps us confirm browser-related issues since this mode doesn't use the existing cache data. Here's how:

 

  • For Google Chrome browser: Ctrl + Shift + N
  • For Mozilla Firefox browser: Ctrl + Shift + P
  • For Safari browser: Command + Option + P

 

If it works, go back to your regular browser and clear the cache to delete those temporarily stored files and browsing history. Removing this should fix the issue since the overtime collection of data can create corruption. We can also use supported, up-to-date browsers to roll out the possibility of a browser-related issue.

 

Let me share some resources that you can browse and use as a reference in managing and navigating your QuickBooks account:

 

 

I'd be happy to hear any updates after performing the steps as I want to ensure this is resolved for you. Also, if you have questions about running reports, please add a reply below. I'd be happy to assist you further.  

elecuyer
Level 2

Transaction Report for an expense account shows invoices

Thank you for your response. The product income account is correctly labeled. 

 

For context: 

The product is an inventory item. 

The income account is Hardware Sales

The expense account is Cost of Hardware Sales

 

Are client invoices supposed to appear on this transaction report when using products and services? I have never used P&S before and want to be sure that using this feature is not going to cause an issue with my books. 

 

Thank you so much!

Rainflurry
Level 14

Transaction Report for an expense account shows invoices

@elecuyer 

 

It's showing customer invoices because it is those specific invoices where the COGS expense was booked from.  When you sell an inventory item on a customer invoice (or sales receipt), the invoice is the mechanism that books both your COGS expense as well as your income (assuming you are on accrual basis). That's how it should work. 

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