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othmanbelal74-gm
Level 1
posted
‎March 19, 2023 02:21 AM
last updated ‎March 19, 2023 2:21 AM

In the sales invoice, the cost entry is made at the selling price, not at the cost price

 
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1 Comment 1
Maybelle_S
QuickBooks Team
QuickBooks Team
‎March 19, 2023 04:43 AM

In the sales invoice, the cost entry is made at the selling price, not at the cost price

Hello there, othmanbelal74.

 

When you set up a product in QuickBooks, the system will only apply the cost to expense transactions. The rate used on sales is based on the Sales price/rate you set up. We can review the items in the product and services if the cost price is correct.

 

Here's how:

 

  1. Go to the Gear icon.
  2. Under Lists, click Products and services.
  3. Choose the items you want to review, then click Edit.
  4. Check the sales and cost price.
  5. Click Save and close.

 

When you view your reports, depending on the type, the rate or amount displayed is based on the transaction type used. For Sales reports, it will show the sales price. While for Expense reports, the cost is used for the figures.

 

I'll be sharing some links to help with your tasks in QBO:

 

 

It's great to see you here today. If you have other concerns with the processes in QuickBooks Online, visit us again any time. I'm here to help. Have a nice day.

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