How can I make the Income by client summary report pull the actual cost of an item sold regardless of what year it was purchased?
The net income on this report is not correct for any client. If I sell something from my inventory that was purchased outside the selected time frame, it does not pull the expense cost. This makes the actual income incorrect. I want to know profit made per customer.
If the item wasn't purchased in that selected time frame, it pulls no cost. For example, if I purchased an inventory item in December of 2016 and sold it in 2017 and I run the income summary report for 2017, it shows 100% income on that sale.
That cannot be - cost is cost, regardless of when bought. You first say inventory, then you say expense. Is this inventory, using an inventory-type Item?
I agree. Cost is cost. These are inventory items being sold over long periods of time. If I run the Income summary report for a specific year and the inventory item was purchased the previous year, the report does not put anything in the expense column. I guess I need a different report that what is offered here.
It's not a bug. The upfront cash-based expensing applies if sales are < $1m, which I would think applies to the majority of QBO users - so QBO does it correctly for these users - ideally it would be a preference, which it is not in desktop either. In Desktop it is just as much a "bug" as in QBO, but in the other direction.
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Why do you want to report this?
How can I make the Income by client summary report pull the actual cost of an item sold regardless of what year it was purchased?
The net income on this report is not correct for any client. If I sell something from my inventory that was purchased outside the selected time frame, it does not pull the expense cost. This makes the actual income incorrect. I want to know profit made per customer.
Why do you want to report this?
"it does not pull the expense cost." what does it pull?
Why do you want to report this?
If the item wasn't purchased in that selected time frame, it pulls no cost. For example, if I purchased an inventory item in December of 2016 and sold it in 2017 and I run the income summary report for 2017, it shows 100% income on that sale.
Why do you want to report this?
That cannot be - cost is cost, regardless of when bought. You first say inventory, then you say expense. Is this inventory, using an inventory-type Item?
Why do you want to report this?
I agree. Cost is cost. These are inventory items being sold over long periods of time. If I run the Income summary report for a specific year and the inventory item was purchased the previous year, the report does not put anything in the expense column. I guess I need a different report that what is offered here.
- Asked by margaretc
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QuickBooks Online Plus, United States
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1 person found this helpful
The problem is a bug in QBO only, the bug is not in desktop
Long ago we discovered (if I remember right VPController discovered it) that in CASH basis P&L reporting QBO does it wrong.
In cash basis P&L reporting QBO expenses inventory purchases immediately
try it
Why do you want to report this?
It's not a bug. The upfront cash-based expensing applies if sales are < $1m, which I would think applies to the majority of QBO users - so QBO does it correctly for these users - ideally it would be a preference, which it is not in desktop either. In Desktop it is just as much a "bug" as in QBO, but in the other direction.
Why do you want to report this?
Yes it is a bug.
COGS mean cost of goods sold, not purchased
And QB is perpetual inventory, NOT periodic
Why do you want to report this?
So how would you advise someone who buys and sells products and has sales of <$1m, is cash-basis and wants to use QB desktop?
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