how does one receive inventory and my p&l shows sales but not cost of sales.what should i do?

i have received payment of invoiced sales the sales are reported on my p&l but there is not any cost of sales reported on my p&l.

i wish to receive stock.How do i do this? 

Answer

Hello Ekprocurement,

I’d like to get this one sorted out for you.

If you are handling an inventory Item, make sure to have a Cost on the setup so COGS will calculate.

When you create an invoice, QBO will auto-generate COGS based on the Cost Price entered. Run P&L in Accrual Basis to illustrate the COGS.

If you run Profit & Loss on Cash Basis, the reports in COGS will be based on the Bill/Purchase transaction.

Here’s how you customize the P&L:

  1. Open the Profit and Loss.
  2. Select the accounting method by choosing Cash or Accrual.
  3. Click Run Report.

If you want to know more about Cost of Good sale, you can open the article below:

Understand Stock Assets and COGS tracking

When you Purchase or create a Bill transaction, this feature will restock an Inventory Item.

Here’s how you do it:

  1. Click the Expense tab.
  2. Click New Transaction and choose Expense.
  3. Enter the product Name, Quantity, Rate and other fields that needs to be filled out.
  4. Click Save and Close.

After that, new quantity of an item on the inventory will be added.

For your reference, you can go open this article:

 Create an Expense

If you have further questions, please do not hesitate to ask below.

Kind regards,
IntuitNelson

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IntuitNelson , Community Support Specialist
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