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yenni
August 21, 2021
Question

I was wondering why in the product/service report, the value in the inventory account can be different between the inventory value and cogs value?

  • August 21, 2021
  • 1 reply
  • 0 views
For instance, I bought the product with value $550, when I sold the product, the amount recorded as COGS is only $549 which makes the difference $1. So in the balance sheet, the inventory value which supposed to be 0, becomes $1 and there is no more inventory left.

1 reply

LieraMarie_A
LieraMarie_A
August 21, 2021

Hi there, @yenni. 

 

With the help of these steps, you can properly record the cost of goods sold in a way that keeps everything in balance.

 

First, let's verify its cost from the Product/Service information.

  1. Go to the Gear icon and select Products and services.
  2. Click Edit under the Action column.
  3. Then, review its cost.

 

If it needs to be updated, QuickBooks will automatically apply the changes to new transactions. You can delete the old transaction that reports incorrectly. Then, recreate it. Check out this article how Cost of Goods of Sold impacts your financial reports: Inventory Tracking.

 

I'm always here should need further assistance. Have a great day.

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