Why does inventory received in QB for Mac not show in P&L COGS until product sold and QBO shows when received with boths set to Cash Basis?

The_Token_Shop · ‎January 06, 2024

When starting a company with lists & balance then importing the current product inventory it was discovered that the P&L behaved different on QBO than Desktop for Mac.

On Desktop for Mac items on a bill add to inventory until sold then appear in the COGS on the P&L using Cash Basis.

On QBO items on a bill add to inventory and immediately appear in COGS without being sold using Cash Basis.

It would appear that moving to QBO and using Cash Basis would cause a to lose the COGS for the products in inventory.

Direct Migration from Desktop for Mac to QBO failed due to our file being too large (2 Million targets). The Data Migration Team at Intuit could only do list and balance.

AldritchM · ‎January 06, 2024

Hi there, @The_Token_Shop.

The cost of goods sold (COGS) in inventory is usually only affected when you sell inventory items through invoices or sales receipts. When you sell an inventory item, you can generate the Transaction Journal Report for the corresponding invoice or sales receipt. This report will show the transactions for Sales/Accounts Receivable and Inventory/COGS. These transactions will credit the Inventory Asset account and debit the COGS accounts.

I'm adding these articles that will help you track your items:

I'd be glad to help if you need further assistance with running your financial reports. Have a great day.

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Why does inventory received in QB for Mac not show in P&L COGS until product sold and QBO shows when received with boths set to Cash Basis?