QuickBooks Team

Reports and accounting

Hi @mfron,

 

There are several reasons why your COGS account is incorrect. Let me share them with you so you can get this resolved.

 

  • The report date and report basis.
  • Inventory adjustment.
  • Selling of inventory items that you don't have.

 

To begin with, you'll want to check your report date and report basis to include the missing cost of your inventory items. Then, check the report details if there are inventory adjustments that can cause an incorrect amount of your COGS account. To do that, just double-click the COGS amount of your report.

 

Lastly, if you create a sales receipt or invoice for the inventory items that you don't have, this will also adjust your inventory asset account and COGS account. Please see this article for more information about understanding inventory assets and cost of goods sold tracking.

 

I'm also attaching this handy article about Profit and Loss report does not match a sales report for your reference.

 

Thanks for reaching out to us today. Please know that you're always welcome to join us again if you have other questions. Have a good day.