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Brita2
October 9, 2024
Solved

AVERAGE COST

  • October 9, 2024
  • 1 reply
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We are trying to run an item report that will show cost, average cost, and retail price.  Most important is to have average cost.  Currently the only report i can find is the inventory valuation summary, but this is sorted by category.  Is there a way to find a part within this report using a find feature?

Best answer by Rainflurry

So, if we are trying to complete a sales order and then create an invoice from the sales order, how do we show the average cost on the sales order transaction journal? I only see the retail price.  Please see attached screen shot.   🙂


@Brita2 

 

Sales orders are non-posting transactions so there's no COGS associated with it because, from an accounting standpoint, you haven't sold anything yet, you've just taken an order.  It's not until you create the invoice that COGS is established.  The reason for that is because you may bring in more of those items between the time your sales order is created and the time the invoice is created so your average cost for that item may change.  If you want to know what your current average cost for an item is when you create a sales order, run an Inventory Valuation Detail report.   

1 reply

I
Ivan_G
October 9, 2024

The only way to pull up specific parts on your report is to customize it according to your preference, Brita. I'm here to show you how and provide a better report that displays a breakdown of your data.

 

To achieve this, kindly search and open the Inventory Valuation Detail report. It provides a breakdown of items under the categories. Please know that retail value is not an available column in this report.

 

  1. Go to the Reports menu and then Inventory.
  2. Select Inventory Valuation Detail and modify the reporting period accordingly.
  3. Click Customize report and make sure to add Item, Cost, and Avg Cost on the Columns field.
  4. You can also select how your data are organized by setting the Sort by section according to your preference.
  5. Once done, hit OK.

 

Still, if you want to review the retail value, this is only possible in the Inventory Valuation Summary report. However, once you double-click each category, retail value is unavailable as a column on its data, but their transactions are displayed.

 

You may also let QBDT store applied reporting data and detail alterations. It can help you save time once you need to pull up the same information in the future. Please review this link as your reference: Create, access, and modify memorized reports.

 

Drop by again on this thread if you have more questions about handling your reports and items or need assistance with other QuickBooks navigations. I'm always here to ensure you're taken care of.

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Brita2Author
October 21, 2024

HOW DO WE GET THE AVERAGE COST TO APPEAR ON THE SCREEN OF AN INVOICE?  SEE BELOW SCREEN SHOT OF OUR CURRENT ON SCREEN INVOICE THAT SHOWS COST. 

Rainflurry
Rainflurry
October 21, 2024

@Brita2 

 

You can't see the COGS for the items on the invoice screen, but you can click on 'Reports', then 'Transaction Journal'.  The COGS for the items is listed as a positive amount with an equal and offsetting amount shown a a reduction to your inventory asset value.    

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