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My CA was looking for actual purchases inventory value in the balance profit and loss account. How can we add up that particular details in the profit and loss accounts

 
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QuickBooks Team

My CA was looking for actual purchases inventory value in the balance profit and loss account. How can we add up that particular details in the profit and loss accounts

Good day, shabbir2

 

The purchase amounts of your inventories are posted under the Cost of Sales or Cost of Goods Sold account. This account reflects the cost of materials and goods held in inventory and then sold.

 

The amount in this account will only increase and will show up in your Profit and Loss once your items are sold through an invoice or sales receipts. Here's an article about this for more details: Impacts Of Inventory Tracking On Balance Sheet And Profit & Loss Reports.

 

If you want to see the actual purchase value or amount before the items are sold, you can run the Purchases by Product/Service Detail Report. Here's how: 

 

  1. Go to the Reports menu.
  2. Look for the Purchases by Product/Service Detail Report in the Search bar.

You can also customise the report if you want to filter it by item. Just click the Customise button in the upper-right hand corner, then go to the Filter section. Once done, check the Product/Service box and select the item that you want.

 

Here's an article about customising or running reports for more reference:

 

Let me know if you need anything else. 

 

purchase report.PNG purchase report2.PNG