TRUE PROFIT & LOSS FIGURE
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JUST STARTED QB...WHERE DO I ENTER MY COST OF SALES TO GET TRUE PROFIT FIGURE. IN MY P/L STMT ITS SHOWS SALE BUT NO DEDUCT FOR MY COST OF SALES.
CASH & INVENTORY BOTH IN ASSET ACCTS. SALES SHOW AS INCOME ACCT....IS THIS
A DOUBLE ENTRY ??????
IN MY BK REGISTRY...THE BALANCE IS CORRECT. ALL PYMTS & DEPOSITS CORRECT.
YET THE REPORTS AREN'T.
Answer
If you have inventory and you sell inventory, then you should be setting up inventory items to use on your sales forms (invoices or sales receipts). When you use these items, QB will do the entry to show the sales and also decrease your inventory count and cost and book the cost of goods sold.
If you are not using the items on the sales documents and are not using them on the purchase documents, then you are missing the inventory and cost adjustments on your reports and your inventory numbers (quantity and value) are incorrect. Inventory items will go to the asset account, cost of goods sold account and sales accounts so make sure you set them up correctly.
If you need further assistance with the inventory function, please post more questions or see the Help menu in the program for more details.
Please mark as solved if this resolves the issue. Thanks.
