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arkvalleyinfo
October 16, 2018
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How can I get the Cost of Goods sold to show up in monthly profit/loss reports? If I do a quarterly p&l it will show up, but not monthly.

  • October 16, 2018
  • 2 replies
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Original commenter did not share additional details
    Best answer by Rustler

    In cash basis reporting for sales, COGS is only posted when the sale is paid
    that assumes you have paid for the inventory purchase

    You said, In my old desktop version, I could run a monthly report and see how much it cost me to purchase the products I sold that month. In the online version, the only things that show up in cost of goods sold are products I've paid for that month, whether I have sold them or not.

    IF you are using inventory type items, then the purchase cost does NOT show in COGS (cash or accrual) until the item sold.  If it has been showing in cogs, then either you have the inventory item set up wrong, or you are recording the purchase incorrectly

    Inventory  items have three accounts
    expense = COGS
    income = your sales income account
    asset = inventory asset

    See this for a How To Receive Inventory Items. (desktop)
    http://onsale-apparel.com/Rustler/tag/how2-rcv-inven

    though this link explains desktop, the concept is the same in QBO except you use the item details part of a purchase instead of the item tab which is shown.

    you do have to turn on that item details part for some strange reason, in company settings>expenses>bills & expenses turn on the items table and purchase orders




    2 replies

    Rustler
    RustlerAnswer
    October 16, 2018

    In cash basis reporting for sales, COGS is only posted when the sale is paid
    that assumes you have paid for the inventory purchase

    You said, In my old desktop version, I could run a monthly report and see how much it cost me to purchase the products I sold that month. In the online version, the only things that show up in cost of goods sold are products I've paid for that month, whether I have sold them or not.

    IF you are using inventory type items, then the purchase cost does NOT show in COGS (cash or accrual) until the item sold.  If it has been showing in cogs, then either you have the inventory item set up wrong, or you are recording the purchase incorrectly

    Inventory  items have three accounts
    expense = COGS
    income = your sales income account
    asset = inventory asset

    See this for a How To Receive Inventory Items. (desktop)
    http://onsale-apparel.com/Rustler/tag/how2-rcv-inven

    though this link explains desktop, the concept is the same in QBO except you use the item details part of a purchase instead of the item tab which is shown.

    you do have to turn on that item details part for some strange reason, in company settings>expenses>bills & expenses turn on the items table and purchase orders




    A
    arkvalleyinfoAuthor
    October 16, 2018
    That's exactly what I have been trying to say. In my old version, COGs posted when a sale was paid for. But in the online version, if I run the report in accrual, the cogs that post are from invoices I wrote that month whether or not I have paid for them. If I run it in cash basis, the only COGs that show up are inventory purchases I made that month, even if they were items I have not yet sold. This makes no sense to me. I am trying to run a report that shows me sales I received payment for last month AND the COGs for those  particular items.
      B
      Brant Bookkeeping
      September 25, 2019

      Yes...this is maddening. The CPA wants my client's books in Cash Basis, but there is NO way to get a proper report that way. I have no solution, but wanted to affirm your issue!

      A
      Anonymous
      October 16, 2018

      Hi wholesale,

      Thanks for reaching out to us. 

      There's no limitation in QuickBooks Online that keeps Cost of Goods Sold (COGS) from showing up on a monthly Profit and Loss report. Just to make sure, I tested this in my company and COGS showed up just fine when I ran the report on a monthly basis (I've included a screenshot).
      This means that there's probably either a data issue or a browser issue that's keeping it from appearing on your report. Usually it ends up being a data issue. For example, if there were no transactions during the time frame of the report that hit a COGS account, then the COGS category wouldn't show up. Let's make sure that the date range on your monthly reports include those dates on the weekly reports that have COGS transactions.
      If we double check that and it still looks like the COGS accounts are missing, we can troubleshoot for any browser issues. Sometimes having too much data stored in the browser cache can cause unusual behavior. So, let's try clearing the cache and restarting the browser, then see if the report runs as expected. You can also try switching to a different browser.

      Please let me know how it goes.

      A
      arkvalleyinfoAuthor
      October 16, 2018
      The problem is that we use the cash basis of accounting. In my old desktop version, I could run a monthly report and see how much it cost me to purchase the products I sold that month. In the online version, the only things that show up in cost of goods sold are products I've paid for that month, whether I have sold them or not. If I switch the report to accrual, it shows me the cost of each item I have invoiced that month, whether I have been paid yet or not. I am looking for a way to do what my old version did - see the cost of goods sold for products I actually received payment for that month.
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