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05/24/2012 at 04:51PM PDT
Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.
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04/21/09 9:36am PDT

Inventory help

US QuickBooks Premier : 2009: Accountant

Should "ending inventory" show up on the P&L report or should it show only beginning inventory and COGS? In a nutshell, what should show on the P&L when inventory is involved? I am preparing a P&L for a client with only totals. We are not actually doing their books, so we are entering all transactions as totals. The beginning inventory, purchases, COGS, and ending inventory should all show on the report, right? I think it is doubling the actual sales income from selling the inventory, and from what the COGS side is showing from beginning inventory. Any suggestions?

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04/21/09 10:37am PDT

Your gross pofit on the Pnl is computed:

Gross profit = Sales - COGS

COGS = opening inventory + purchases - inventory used for personal use - closing inventory

Whether or not you show the workings for COGS on your Pnl depends on how much detail is appropriate for your particular use.

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Inventory is a balance sheet account (other current asset).

When inventory items are sold, the average cost of the merchandise is debited to COGS and the inventory asset is credited. The sales (income account) is credited for the sales price and Accounts receivable (if credit sale) or undeposited funds (if cash, check or credit card sale) is debited.

Only Sales and COGS will show on the P & L.

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