How do I track Cost of Goods Sold by Customer

Forum|Forum|7 years ago
April 26, 2019
10 replies
64 views

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QuickBooks Online

Anonymous

Hi there, gianikasl.

Let me help share some information about tracking the Cost of Goods Sold.

Inventory COGS is only affected when you sell inventory items on invoices or sales receipts.

When you sell an inventory item, you can run the Transaction Journal Report for the invoice/sales receipt. You will see the Sales/Accounts Receivable transaction and you will see the Inventory/COGS transactions which credit the Inventory Asset account and debits the COGS accounts.

You can refer to this article for more information about the impact of your inventory tracking on your balance sheet and profit & loss: Impacts of inventory tracking on balance sheet and profit & loss reports.

Keep me posted if you have additional questions about COGS tracking. I'm always here to help.

vpcontroller

Level 7

@gianikasl @255439

If you've QBO plus plan (or Advanced plan), you can track Cost of Goods Sold (COGS) or Cost of Sales (COS) by CUSTOMER in QuickBooks Online. But you've Essentials or Simple Start, this feature is not available in QBO.

carbonicboy

So what's the point of having a P&L report in QBO Simple Start if you cannot enter COGS??? And why in the heck would you leave this out in the first place? I mean its pretty much part of the basics in any business!!

ShiellaGraceA

Level 9

Hi carbonicboy,

You'll want to enter COGS manually in cash basis when you purchase the item. However, tracking the item when it's sold is unavailable. Let me guide you through the steps.

To track manually, please check this article for the detailed steps: Can I track inventory manually?

You can also read this article about: Impacts of inventory tracking on balance sheet and profit & loss reports.

You might want to visit our page for future reference: Inventory and projects.

Let us know if you have other questions.

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