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Why my cost of sales doesn’t appear in my profit & loss report however I’ve added all my products cost to the price of it in expenses section?!

Forum|Forum|6 years ago
December 23, 2019
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QuickBooks Online

Best answer by Kendra H

You said "if you added a quantity on hand when creating it, this will have a zero cost and will show a zero COS in your report."
So what is the solution?!

Hey there, @ammarzietoon.

Thank you for your feedback and for providing some insight on the Cost of Sales not appearing on your Profit and Loss Report.

I'll be going through the steps on how to get the cost to show up on your P&L Report and here's how:

1. Go ahead and sign in to your account, then hover over the Sales tab.

2. Choose the Product and Services option.

3. Once here, find the item in the list that you will need to correct and choose the blue Edit button located on the right side of the screen.

4. Now on the Edit screen, scroll until you find the area containing the Starting Value hyperlink and click.

5. Finally, here you'll see a box labeled as "Initial Cost". Enter the cost of the product here and Save and Close.

Afterward, let's also make sure that Costs are put in every Product and Service and Initial Cost is put in too. When completing these steps, go back to your Profit and Loss Report and your Cost of Sales will show on your report.

If you have any more questions, please don't hesitate to reach back out. I'm always a comment away!

JaneD

Good day, ammarzietoon.

Cost of sales measures and accumulates a total of all costs for a product with inventory type. In this case, you'll have to ensure each product type of the item, so the cost of sales will show up on your report.

You can read our rundown and learn how tracking inventory impacts your reports: Impacts of inventory tracking on Balance Sheet and Profit & Loss reports.

To edit or change the type of the product:

Click on the Gear icon and choose Products and Services.
Locate the item and click on the Edit link.
Click on the Change type link in the Product/Service information panel select Inventory.
Set the necessary information of the product.
Once you're done, click on Save and close.

See the Change Product and Service types article for further guidance.

In case you want to modify a product, refer to this link: Remove or merge a product or service.

You can always visit us and click on Reply if you have further questions.

A

ammarzietoonAuthor

Thanks for helping me but I want you to know that the main problem for me is that the cost doesn't multiplied to the products have been sold.

M

MirriamM

Hello again, @ammarzietoon. Thanks for your prompt response.

If you've mean that the amount doesn't calculate the quantity and rate, I'd recommend using a private browser. Since when creating transactions, QuickBooks Online automatically calculates the amount.

There are also times that your default browser is filled with data and temporary files from previously visited websites. Doing so helps isolate the issue. You can use the keyboard shortcuts below:

Chrome: Ctrl+Shift+N
Internet Explorer: Ctrl+Shift+P
Firefox: Ctrl+Shift+
Safari: Command+Shift+N

Once you've opened a private browser, try to create a test transaction and check if the amount is calculated properly. If it works, to ensure this doesn't happen again, it's a good idea to clear the cache of the browser you're using or trying other supported browsers.

I'll appreciate if you can get back to me and share how it works. I want to ensure that this gets resolved. Happy Holidays.

vpcontroller

@ammarzietoon

Just curious, which plan do you have? You need a Plus plan or Advanced plan to track inventory and show COGS when you create sales like Invoice or Sales Receipt.

Also, assuming you have got a Plus plan (or Advanced), you will need to run the P&L report on the accrual basis (not Cash Basis) to show COGS.

Hope this helps!

A

ammarzietoonAuthor

I’ve a plus plan and I do accrual method but the no. Is not correct. It should be multiplied with the quantity sold but it doesn’t.

Angelyn_T

Thank you for the additional information, @ammarzietoon.

QuickBooks will follow the FIFO (First In, First Out) entry of inventory. The report will calculate depending on the cost of the item when purchasing or recording it. This will not base on the rate or cost set up under the Products/Services.

An example is, you've set up an item with 50 as cost and when recording an expense, the cost entered is 60. The report will base on the amount entered on the expense transaction.

Check out these screenshots for your visual reference.