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D
Daltons
February 10, 2021
Question

Self Assessment for tax not showing full cost of goods

  • February 10, 2021
  • 1 reply
  • 0 views

Hi

I have my Cost of Sales separated into sub accounts which shows up fine in P/L report but when running the new 'Self Assessment' tool under 'Business Expenses' 'Cost of goods bought for resale or goods used' only shows the value of the main Cost of Sales account.  When I click on the expense amount the full accounts list shows with all categories and values.

I don't want to put all all Cost of Sales under just the one account but can't see any other way of getting the full value to be reported!

 

Any suggestions???  Is this a bug???

1 reply

MariaSoledadG
MariaSoledadG
February 10, 2021

Let me provide you information about how the Cost of Goods sold calculated in QuickBooks Online, Daltons.

 

Cost of Goods Sold (COGS) is calculated by adding the cost of inventory at the beginning of the year to purchases made throughout the year. COGS helps you determine the value of your inventory for calculating business assets that's why it's only under one account. 

 

In addition, calculating COGS helps you determine how much you owe in taxes at the end of the reporting period. However, if you still want for your COGS to be tracked to a different account, I recommend reaching out to your accountant for other ways on how to do it. 

 

Please go through these help articles if you have any questions about QuickBooks. 

 

Don't hesitate to keep in touch if you have further questions about COGS. We're only just a few clicks away if you need help with anything else.

 

D
DaltonsAuthor
February 11, 2021

Please see Screenshot

A
Ashleigh1
February 11, 2021

Hello Daltons, 

 

So you could run a report on expenses once you have entered them from that section, I would suggest you have a look at the other 2 and how they are being entered as an item expense or by the account. 

 

It might be worth ring the helpline on 0808 234 5337 and then can set up a screen share with you and they can then drill into the different sections and see what is going on. 

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