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October 6, 2024
Question

Why would two items on the same sales receipt go to a Sales Account and one item go to an Income Account? How do I switch the items going to Income to go to Sales?

  • October 6, 2024
  • 1 reply
  • 0 views
The sales receipt has three items.  The item going to Income always seems to end up in Income rather than sales.  How do I change that?  It's all similar inventory items what causes some to end up in a different account?

1 reply

October 6, 2024

Hi there, lma4viacheff.

 

I'm here to provide you with a detailed explanation as to why the items are currently using the incorrect sales account and to rectify the situation at hand.

 

The items in your Income account have been added incorrectly. This is why the two items on the same sales receipt are assigned to a Sales Account while another is categorized under an Income Account. Let's edit the inventory items to resolve this.

 

Beforehand, please note that altering the income account for inventory items can impact past transactions. If you wish to avoid any issues in prior transactions, it is recommended that you create a new item with the updated income account and use it to replace the existing item. This way, you can ensure that the correct income account is applied moving forward without any issues with your historical data.

 

Here's how to edit the items:

 

  1. Go to the Gear icon and then select Products and services.
  2. Find the item and click Edit.
  3. From the Income account drop-down menu, choose the Sales of Product Income account you want to use.
  4. Once done, hit Save and close.
  5. Repeat the steps for the other items since you can only change the account for an item one at a time.

 

For more details about the process, please see this article: Change the account for a product or service item in QuickBooks Online.

 

Additionally, you can run various reports to see your best sellers, what’s on hand, the cost of goods, and more.

 

Finally, if you require assistance maximizing the potential of your sales transactions and inventory items, our  QuickBooks Live Expert Assisted service is available to offer guidance and share best practices based on years of experience helping customers like you, particularly during making QBO tasks.

 

You can click the Reply button if you require additional assistance adding items and managing their accounts. I'm always available and committed to providing you with top-notch support.