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userisaacfoldi1
February 2, 2022
Question

How can I run a custom report showing cost of goods sold by custom tax name? We must track this for use tax for invoices that are sold as contracts.

  • February 2, 2022
  • 1 reply
  • 0 views
Items are sometimes contracts, other times retail tax is collected. this report must show cost of goods sold by tax name ID for invoices during a given period.

1 reply

JoesemM
JoesemM
February 2, 2022

I'm here to share some information about the report that you want to run, @userisaacfoldi1.

 

Currently, running a report that shows the cost of goods sold by custom tax name is unavailable. For now, you can run the sales tax reports in QuickBooks like the Taxable Sales Detail report.

 

For additional reference, I'm attaching the following articles below. It contains some important information about the report and how you can customize it further based on your needs:

 

 

Additionally, I recommend visiting this website: Resource Hub. It provides you with articles about managing your QBO account, income, expenses, banking, inventory, taxes, and running reports. Just click + More topics under Topics to expand the sections. 

 

I'm still here if you have further questions about running reports or any QBO related. Just post the details below and I'll reply as quickly as I can, @userisaacfoldi1.

U
userisaacfoldi1Author
February 2, 2022

What is the best way to run a report to show cost of goods sold in order to pay use tax on those items sold in WV, OH, and PA?

MarsStephanieL
MarsStephanieL
February 2, 2022

Hi @userisaacfoldi1! It's great to see you again in the Community!

 

I'd be happy to share some details with the report you can get in QuickBooks Online when tracking the Cost of Goods Sold.

 

You look for the Profit and Loss report and open the Transaction Report for the Cost of Goods Sold account in QuickBooks Online. Here's how:

 

  1. Go to the Business Overview and select the Reports menu.
  2. Search for the Profit and Loss Report and open it.
  3. Modify the date range and click the Run Report button.
  4. On the report page, look for the Cost of Goods Sold and select the amount.

This is what it looks like:

 

 

Now you can review the transactions for the sold items.

 

In addition, with the sales tax on the items sold, you can run the Sales Tax Liability Report. To know more details about this, I've got a reference for you here: Check how much sales tax you owe in QuickBooks Online.

 

Also, if you need in-depth consultation with your sales, I'd recommend contacting your accounting professional for the best advice to manage this data in your QuickBooks account. Your accountant will have the knowledge-based on your business needs to record this properly inside of QuickBooks. If you don't have an accountant, you can find one here in our Resource Center.

 

Please let don't hesitate to let me know if you have any questions or concerns. I'm always here for you. Take care and have a good one!

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