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Sales By Item Summary - COGS

Forum|Forum|5 years ago
March 29, 2021
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I'm trying to figure out how best to use my items list. On the Sales By Item Summary there are columns for COGS. I have separate items for the following service activities listed below. I'm not sure how to get the COGS to show up properly.

Entry Fees (item -- income=Fee Income)

Judging Fees (item - subcontractor, expense=Cost of Labor: Judging, income = fee income)

Facility Rental (item - Cost of Labor: Facility -- do I need to denote this as a subcontractor for the expense line to show up?)

There are other COGS expenses, but these to illustrate what I'm after. I'm wondering if my COGS items need to be sub-items fo the entry fee item??

Any help would be greatly appreciated!

QuickBooks Desktop for Mac

Best answer by Rubielyn_J

This isn't an accounting question. I have over 20 years of accounting experience, so I know what COGS are. Our business provides classes and canine competitive events. Our primary income is class fees and event entry fees. My direct costs (COGS) are judges, facility rental, ribbons, certifying organizations (American Kennel Club), and so on. I have created items for each of our classes and events. I have sub-items for each of the direct costs of putting said classes/events on. This is my "above the line" operating net income. On the sales by item summary there are columns to the right of income that detail out COGS. ALL I want to know is how to get my COGS information to appear on the report. I DO NOT need any "pro" advice.

My question is about how to get COGS information to show up on the sales item summary report.

I appreciate you for getting back to us, @tlenzmeier. Let me provide some insights about generating reports in QuickBooks.

In the Sales Item Summary report, COGS is only posted when the sale has been paid for. It assumes that you paid for the purchase of inventory. Also, the column for the non-inventory is blank. That being said, getting the COGS info show in the report is unavailable.

I've also added these resource to guide you manage reports in QuickBooks Desktop for Mac:

When you customize a report, you can memorize it to save the changes you made. Once you’re done, simply select Memorize.

If you have further concerns with creating reports in QuickBooks, just click the Reply button. I'm here to help you more. Have a good one.

Rustler

All payments to a sub contractor are reportable (cash and check) on the form 1099, so no they are not COGS

facility rental payments are also not COGS

they are expenses

COGS, when you file taxes, are directly related to the cost of the inventory items you sell, nothing else.

T

tlenzmeierAuthor

I am not filing a tax return. I am also not manufacturing anything, so your response is wrong. The reporting I do is predicated on competitive canine sporting events. Judges, facility rentals, etc. are ALL direct costs of “producing” the event. If you’d bother to answer the question, rather than lecture me on what is or isn’t COGS, that would be helpful.

Candice C

Good morning, @tlenzmeier.

Thanks for reaching back out to the Community. I hate to hear that your question wasn't answer. I want to make sure that you're able to get back on track.

Since this is more on accounting standards, I recommend consulting with your accountant to be sure of this information. They'll be able to give you the best accounting advice for your business. If you don't have one, no worries. Here's a link to help you find one near you: Find ProAdvisor.

In the meantime, you can check out this guide about managing items that may be helpful in the future for your business: Add, edit, and delete items.

Let me know how it goes. It's my priority that you're able to put these details correctly into your QuickBooks Desktop for Mac (QBDT Mac). If you should have any other questions or concerns, don't hesitate to contact us. Take care!

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