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jdbarker
July 18, 2024
Question

Actual cost of inventory in job profit report

  • July 18, 2024
  • 1 reply
  • 0 views

Hello,

We are set up as average cost inventory. However, when we want to look at profitability of our jobs, we like to review the actual costs of inventory purchased for that particular job. Example: we may purchase item ABC for $200. When inputting the PO, we tie it to the Customer/Job. However, we might have bought that same item for $300 for another Customer/Job, so when I run a profitability report, it shows COGS of $250 on that item. Because we are linking the purchases to the job, I was hoping there was a way to run a report to show the actual cost of the inventory tied to the customer/job, and not the average inventory cost. My current thought is to export the Job Profitability report and merge it with the Purch by Item Detail report. I wanted to check to see if there was a report or add-on that would make this easier though.

Thank you

1 reply

M
Maybelle_S
July 18, 2024

I appreciate your inquiry about tracking the actual costs of inventory purchased for specific jobs, jdbarker.

 

QuickBooks Online (QBO) provides a job profitability report showing the overall job. The breakdown of the actual cost of inventory purchased for a specific job is excluded.

 

We can generate an Inventory Valuation Detail Report, where the Rate column will display the actual cost of inventory items purchased for each job. This report will also show you the total quantity purchased.

 

Here's how:

 

  1. Go to the Report menu.
  2. In the search bar, type Inventory Valuation Detail Report.
  3. Filter the Report period.
  4. Tap the Customize button and select the Filter drop-down arrow.
  5. Put a checkmark beside Product/Service, then click the drop-down menu to select the item.
  6. Hit Run report.

 

In addition, I've included this material to learn about adjusting inventory for future reference: Adjust inventory quantity on hand.

 

If you need assistance generating or customizing the Inventory Valuation Report to suit your requirements, please don't hesitate to reach out. I want to ensure you can see the actual cost of an inventory and have the tools and insights to manage your projects effectively.

J
jdbarkerAuthor
July 18, 2024

Thank you for the reply but this is not quite what I was looking for. I'm looking for a way to run a job profitability report that pulls the actual cost of the inventory purchased for that particular job instead of the average inventory price. 

Thank you

S
Shania_C
July 18, 2024

Hi there, jdbarker. Let me shed some light about your concern regarding generate a job profitability report  in QuickBooks Online.

 

Currently, QuickBooks Online doesn't have the ability to generate a job profitability report that shows the actual cost of the inventory purchased for a particular job. However, this will appear as Fifo cost total in the Inventory Valuation Detail Report. Another way to view the actual cost of each item is by checking the bill's rate column.

 

Furthermore, you can create two reports and merge them. Then, filter out unnecessary columns for the Purchases by Product/Service Detail. After that, ensure that rates are shown. It represents the cost of each item and the total amount reflects the overall cost.

 

Please know that we highly value our customer feedback and use it to enhance our services. I suggest submitting a feature request through the Feedback section within QuickBooks. Here's how to do it:

 

  1. At the Gear icon, select Feedback.
  2. Enter your comments or product suggestions.
  3. Click Next to submit.

 

You may also find these articles helpful to have more information about projects in QuickBooks:

 

 

If you have any other QuickBooks-related concerns, please feel free to reach out by clicking the Reply button below. We are dedicated in supporting your business endeavors and hope you have a productive day, jdbarker!

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