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A
AB1968
July 6, 2024
Question

Journal entries and job costing

  • July 6, 2024
  • 1 reply
  • 0 views

When we receive a deposit from a customer, we assign this deposit to an "Other Asset" account.  When we later make a journal entry to change this asset to a job cost (COGS), this cost does not show up in the P&L by Job the way every other job associated cost does.  Is there a way to make these costs show up?

1 reply

S
SarahannC
July 6, 2024

You can consult your accountant to ensure these costs are reflected in the Profit and Loss report. I'll guide you where to find an accountant to help with this, AB1968.

 

This report summarizes only the revenues, costs, expenses, and profits/losses of a company during a specified period. Since it was initially assigned the deposit to an Other Asset account, it will not be reflected in the Profit and Loss report. 

 

  1. Go to this link: Find a ProAdvisor.
  2. Make sure to fill in the required fields. Location, Service provided, Industry served, and Product supported.
  3. You'll automatically see the available accountants located near your area.

 

Post again if you have other concerns in QuickBooks Online. I'm always here to help.

A
AB1968Author
July 6, 2024

Thank you SarahannC.

 

What type of account (other than "other assets") should we post customer deposits to so that they do appear in the P&L when a journal entry is made to convert it to a COGS item?

 

Thank you.

Alex

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