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J
Joanneyanne
November 27, 2020
Question

Profit & Loss Detail - Cost of Good Sold (Cost not mapped to Income)

  • November 27, 2020
  • 1 reply
  • 0 views

Hi Support, is there any ways to map cost of one purchase bill to two sales invoices? 

It seems that the Cost of Goods Sold is matched to the wrong Income in P&L details report. 

 

I failed to search for a related post. 

Kindly advise on how to take care of these transactions.

 

1 reply

MaryLurleenM
MaryLurleenM
November 27, 2020

You'll want to check the item set up, Joanneyanne.

 

This is to ensure that you have selected the correct income account it will be posted to. Here's how:

  1. Click Customers/Sales on the left pane.
  2. Select Products and Services.
  3. Locate the item and click Edit.
  4. Under the Income account dropdown, select the correct account.
  5. Make sure to check the box Also update this account in historical transactions so it will apply to the old ones.
  6. Save and close.

That's it! You can run the P&L Details report again to see if it's now added to the correct account. Check ut this article to learn how to customize reports: Common custom reports in QuickBooks Online.

 

I'll be here if you have additional questions.

J
JoanneyanneAuthor
November 29, 2020

Hi Mary, 

 

Thanks for your prompt reply. 

 

I have followed the steps and found that the account is correct. 

Please see below:- 

 

Inv. 11451 with sales amount $38,560.00 is now tagged to cost $67,120.00 and the same goes to Inv. 11452. What should I do to map Inv. 11451's sales amount $38,560.00 to its cost of $33,560.00 instead of $67,120.00?

 

RenjolynC
RenjolynC
November 29, 2020

Thanks for coming back here, Joanneyanne.

 

When you set up an inventory item, there's a section for Purchasing information. This field is where you will enter the cost you pay for the item, as well as the expense account you want the cost to track to.

 

To check why invoice 11451 with sales amount $38,560.00 is not mapped on the correct COGS amount $33,560.00, I'd recommend reaching out to our Customer Care Team. They can do a screen sharing session and help you map the transactions.

 

Here's how:

 

  1. Click the Help icon located in the upper right-hand corner.
  2. In the Help window, click the Contact Us button located at the bottom.
  3. Enter your question and click Let's talk.
  4. Choose either Start a chat or Call us.

If you have the new QuickBooks Assistant help update, you can follow these steps:

 

  1. Go to the Help menu, and select Talk to a human.
  2. Choose Talk to a human again. 
  3. Proceed with I still need a human.
  4. Click the Contact us link.
  5. Select either Start messaging or Get a call.

Please feel free to leave a comment on this thread if you have any additional questions or other concerns. I'll be around to answer them. Thanks.

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