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February 9, 2024
Question

Three of my cost of sales are not adding up with the total cost of sales, what should l do?

  • February 9, 2024
  • 1 reply
  • 0 views
three of my cost of sales are not adding up with the total cost of sales on my income statement
, what should l do?

1 reply

February 9, 2024

Hello there, Consagha. Let me share with you some insights regarding the matter at hand. 

 

Cost of Goods Sold (COGS) is an important accounting metric that calculates the total cost of a product with inventory type. If you see that three of your costs of sales do not add up with the total cost of sales on your income statement, it could be because due to the items being classified under the wrong inventory type. To accurately calculate COGS, it is crucial to ensure that the cost of each product type is correctly reflected in the inventory records. 

 

Additionally, when reviewing your income statement, it is essential to compare the details of your individual transactions with the total COGS figure. This comparison can help identify discrepancies in amounts or dates or ensure that the included items are correct.

 

Furthermore, to help us assist you better with this matter, I suggest sharing a screenshot of your income statement report. This will allow us to understand the specific issue you are facing and provide tailored guidance.

 

To understand how tracking inventory can impact your reports, review our comprehensive guide on the impacts of inventory tracking on Balance Sheet and Profit & Loss reports.

 

Moreover, here's a helpful link to view your best sellers, inventory status, and more in QBO: Use reports to see your sales and inventory status

 

Feel free to reach out to us if have any questions about Profit and Loss in QuickBooks Online (QBO). The Community is always available to help you. Best regards.