Skip to main content
J
JoEverall
January 26, 2024
Question

Profit and Loss report - Cost of Sales

  • January 26, 2024
  • 1 reply
  • 0 views

When running my profit and loss report for the last financial year lots of my costs pull through as zero in the cost of sales report, whilst some have a cost. 

 

None of the products have an initial set up cost and none have a start value. These are all zero. Obviously there should be an amount next to each line. My question is where is quickbooks pulling the numbers from? As time progresses and I run later reports there are more numbers and fewer zero's

 

Quick books help keeps telling me it is to do with the product set up, but the products are all the same, so this doesn't explain the issue. 

 

My product costs actually vary according to exchange rates so I can't have a flat rate product cost. Is this possible? 

 

Thanks!

 

Thanks

Jo

 

 

1 reply

G
GeorgiaC
January 26, 2024

Thanks for joining the Community, @JoEverall 

 

QuickBooks Online operates on the FIFO (first in first out) method. This means that any Cost of Sale will be calculated based on the original cost/sale value and won't update to the new price until the older stock has been sold. 

 

The sale price and cost rate/cost of sales account can be viewed/edited by going to Sales > Products & services > Select edit beside the P/S. 

 

For further information on stock cost accounting in QuickBooks Online, please see here.

Terms & ConditionsAccessibility statement