COGS vs Costs: I have previously used Excel to keep records for selling/costs, but now I have Quickbooks Online, and am contemplating using the Quickbooks Pro 2019 standalone software. What I am looking for is how to correctly set up the books from the start. We have several female and male dogs that we breed, and the females will have litters. We also have to pay for a stud service from overseas, for the line that we are choosing to continue next generation. Each litter would/could have a different male (our own stud or we outsource), so I am wondering how to correctly set up the vendors/jobs/general costs/costs of goods sold/etc. There are tests and fees for showing our dogs that we breed, but would that be COGS or something else because we are not selling the mother dogs, and only the puppies? If so, are those costs divided into the litter pups individually? So to that point, would we set up a new client for each puppy we sell to, or as a litter as a whole (say 10 puppies) and then that mother/father combo as the job, and that job had 10 invoices connected to it? The other thing in question would be the costs that we have for any dog that does not pass 100% of their tests, at which point we will not breed with that dog unless it is 100% passing all our testing. Therefor there will be no income from that dog, and only expenses. What would that be classified as or how to mark it? If never sold, it cant be a COGS, so how would I record it on the books? We would have ~2 years of expenses before they can get fully tested and certified. We also had to build things, which is used by all the dogs, and of course dog food and other items. What I am unclear about is what is the difference between COGS and general costs, as well as how do we correctly set up the sale of the puppies (invoices) from a female dog’s litter. Does it make sense to separate each individual litter, or each puppy, or each mother dog?
You need to review your operations with your own CPA, if you intend to do your own Bookkeeping. They will help you learn what is Expenditure as Asset, or COGS or general operating Expense. That is important for You to know, not us. And your Tax Entity Type also matters. […]
Resolution for 'COGS vs Costs issue: 'I have previously used Excel to keep records for selling/costs, but now I have Quickbooks Online, and am contemplating using the Quickbooks Pro 2019 standalone software. What I am looking for is how to correctly set up the books from the start. We have several female and male dogs that we breed, and the females will have litters. We also have to pay for a stud service from overseas, for the line that we are choosing to continue next generation. Each litter would/could have a different male (our own stud or we outsource), so I am wondering how to correctly set up the vendors/jobs/general costs/costs of goods sold/etc. There are tests and fees for showing our dogs that we breed, but would that be COGS or something else because we are not selling the mother dogs, and only the puppies? If so, are those costs divided into the litter pups individually? So to that point, would we set up a new client for each puppy we sell to, or as a litter as a whole (say 10 puppies) and then that mother/father combo as the job, and that job had 10 invoices connected to it? The other thing in question would be the costs that we have for any dog that does not pass 100% of their tests, at which point we will not breed with that dog unless it is 100% passing all our testing. Therefor there will be no income from that dog, and only expenses. What would that be classified as or how to mark it? If never sold, it cant be a COGS, so how would I record it on the books? We would have ~2 years of expenses before they can get fully tested and certified. We also had to build things, which is used by all the dogs, and of course dog food and other items. What I am unclear about is what is the difference between COGS and general costs, as well as how do we correctly set up the sale of the puppies (invoices) from a female dog’s litter. Does it make sense to separate each individual litter, or each puppy, or each mother dog?' available: Yes.
The COGS vs Costs issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the COGS vs Costs issue yourself by looking for a resolution described in the article. If it is a complex COGS vs Costs issue or you are unable to solve the issue, you may contact us by clicking here or by using other COGS vs Costs support options.
For more information about resolving issues related to COGS vs Costs in Quickbooks/QBO or to get support for the issue 'I have previously used Excel to keep records for selling/costs, but now I have Quickbooks Online, and am contemplating using the Quickbooks Pro 2019 standalone software. What I am looking for is how to correctly set up the books from the start. We have several female and male dogs that we breed, and the females will have litters. We also have to pay for a stud service from overseas, for the line that we are choosing to continue next generation. Each litter would/could have a different male (our own stud or we outsource), so I am wondering how to correctly set up the vendors/jobs/general costs/costs of goods sold/etc. There are tests and fees for showing our dogs that we breed, but would that be COGS or something else because we are not selling the mother dogs, and only the puppies? If so, are those costs divided into the litter pups individually? So to that point, would we set up a new client for each puppy we sell to, or as a litter as a whole (say 10 puppies) and then that mother/father combo as the job, and that job had 10 invoices connected to it? The other thing in question would be the costs that we have for any dog that does not pass 100% of their tests, at which point we will not breed with that dog unless it is 100% passing all our testing. Therefor there will be no income from that dog, and only expenses. What would that be classified as or how to mark it? If never sold, it cant be a COGS, so how would I record it on the books? We would have ~2 years of expenses before they can get fully tested and certified. We also had to build things, which is used by all the dogs, and of course dog food and other items. What I am unclear about is what is the difference between COGS and general costs, as well as how do we correctly set up the sale of the puppies (invoices) from a female dog’s litter. Does it make sense to separate each individual litter, or each puppy, or each mother dog?', click the link below: