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SindyS
SindyS
August 27, 2021
Question

Cost of sales issues

  • August 27, 2021
  • 1 reply
  • 0 views

Hi

Can you tell me where QBO pulls cost of sale information from?

We have products and services set up with a selling and cost price, but the cost price isn't the amount showing in COS.

We do not track supplier invoices through as we manufacture, so the COS is made up of a number of components.

TIA

Sindy 

 

1 reply

G
GeorgiaC
August 27, 2021

Hi Sindy, 

 

QuickBooks Online uses the FIFO (first in, first out) method to calculate stock cost, you can see our guide for a full breakdown on this. 

 

There aren't any plans to add stock assemby into QuickBooks Online at the moment.

If you have any further Q's, please drop them below. 🙂 

SindyS
SindySAuthor
August 27, 2021

Hi @GeorgiaC 

I have looked at this, but as we don't buy and sell the same product, this doesn't work for us.

I appreciate the system isn't designed for manufacturing, but why have an option of including a cost of sale within the product or service if this doesn't then pull through into the accounts when a product is sold?

Thanks

Sindy

C
CharleneMaeF
August 27, 2021

I appreciate you for getting back on this thread, SindyS.

 

I'm here to ensure the cost of sale issue you've encountered in QuickBooks Online is resolved.

 

To start, I'd suggest making sure the income account associated with each item is correct. This could be the cause why the cost of sales didn't reflect in the account.

 

Also, I'd recommend running the Sales by Product/Service Detail report to pull up the sales information. From there, you can see see the prices of each sold item and the account associated with it.

 

Here's how:

 

  1. Go to the Report menu.
  2. Type in Sales by Product/Service Detail in the search field, then click to open.
  3. Click Customise.
  4. On the Report period, select the correct dates.
  5. On the Rows/Columns, click on Change columns.
  6. Place a checkmark on the Account field.
  7. You can on the Filter column to personalise the other details.
  8. Once you're done, click on Run report.

For your visual reference, I've attached a screenshot of the last five steps below:

 

Here's how it'll look like after customising:

For more details about personalising reports, please see this article: Customise Reports.

 

Additionally, I've added these articles that'll help you manage your products and services in QuickBooks Online:

 

 

I'm only a post away if you need more help in dealing with cost sales in QuickBooks. It's always my pleasure to help you out again.

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