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Cost of Goods Sold: ok sorry but i found a mistake I made. I labeled a product in “products and services” cost of goods sold. I corected the mistake. but my P&L stills shows a negitve for those Items. How do I fix that?

When you corrected the Product/Service information, the changes will only affect your future transactions, Phoenix2. Unless, you marked the Also update this account in historical transactions box.

Let’s edit the item and toggle the affected account:

In the Products and Services page, look for the affected item and click Edit.
Change the affected account and click Save and […]

Resolution for 'Cost of Goods Sold issue: 'ok sorry but i found a mistake I made. I labeled a product in “products and services” cost of goods sold. I corected the mistake. but my P&L stills shows a negitve for those Items. How do I fix that?' available: Yes.

The Cost of Goods Sold 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 Cost of Goods Sold issue yourself by looking for a resolution described in the article. If it is a complex Cost of Goods Sold issue or you are unable to solve the issue, you may contact us by clicking here or by using other Cost of Goods Sold support options.

For more information about resolving issues related to Cost of Goods Sold in Quickbooks/QBO or to get support for the issue 'ok sorry but i found a mistake I made. I labeled a product in “products and services” cost of goods sold. I corected the mistake. but my P&L stills shows a negitve for those Items. How do I fix that?', click the link below:

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Cost of Goods Sold: Cost of Goods Sold

I can help you check why the Average Cost of your items are not calculating correctly.

Your Average Cost of the items is affected by the cost of goods in the inventory and the total number of items available for sale. The cost of each item in an inventory is calculated on the […]

Resolution for 'Cost of Goods Sold issue: 'Cost of Goods Sold' available: Yes.

The Cost of Goods Sold 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 Cost of Goods Sold issue yourself by looking for a resolution described in the article. If it is a complex Cost of Goods Sold issue or you are unable to solve the issue, you may contact us by clicking here or by using other Cost of Goods Sold support options.

For more information about resolving issues related to Cost of Goods Sold in Quickbooks/QBO or to get support for the issue 'Cost of Goods Sold', click the link below:

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Cost of Goods Sold: using wrong account for income/expense on item?

Is this a product or a service?

Purchasing a product from a Vendor and then charging the Customer for that product:

If this is the case, you would set up an Account “Cost of Goods Sold”.

You can transfer the Vendor’s cost directly onto the customers invoice. To do this you would enter […]

Resolution for 'Cost of Goods Sold issue: 'using wrong account for income/expense on item?' available: Yes.

The Cost of Goods Sold 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 Cost of Goods Sold issue yourself by looking for a resolution described in the article. If it is a complex Cost of Goods Sold issue or you are unable to solve the issue, you may contact us by clicking here or by using other Cost of Goods Sold support options.

For more information about resolving issues related to Cost of Goods Sold in Quickbooks/QBO or to get support for the issue 'using wrong account for income/expense on item?', click the link below:

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Cost of Goods Sold: fuel for welders consider cogs

These things seem like Supplies Expense to me. Ongoing and Indirect = not specific to any one product or sale.

Here is a saying that might help:

General and indirect expense = the cost of Being in Business

Direct and COGS = the cost of Doing your business

So, welding supplies, fuel […]

Resolution for 'Cost of Goods Sold issue: 'fuel for welders consider cogs' available: Yes.

The Cost of Goods Sold 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 Cost of Goods Sold issue yourself by looking for a resolution described in the article. If it is a complex Cost of Goods Sold issue or you are unable to solve the issue, you may contact us by clicking here or by using other Cost of Goods Sold support options.

For more information about resolving issues related to Cost of Goods Sold in Quickbooks/QBO or to get support for the issue 'fuel for welders consider cogs', click the link below:

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Cost of Goods Sold: Using QBO Essentials how to Purchase Inventory, Sell Inventory (without keeping track of inventory items)

In simple start and essentials you have to use the periodic inventory system

There are two ways to do periodic inventory, choose one and stick with it, you can not mix and match

1. Create an asset account called purchases and post all purchases of item for resale to that account. Periodically, […]

Resolution for 'Cost of Goods Sold issue: 'Using QBO Essentials how to Purchase Inventory, Sell Inventory (without keeping track of inventory items)' available: Yes.

The Cost of Goods Sold 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 Cost of Goods Sold issue yourself by looking for a resolution described in the article. If it is a complex Cost of Goods Sold issue or you are unable to solve the issue, you may contact us by clicking here or by using other Cost of Goods Sold support options.

For more information about resolving issues related to Cost of Goods Sold in Quickbooks/QBO or to get support for the issue 'Using QBO Essentials how to Purchase Inventory, Sell Inventory (without keeping track of inventory items)', click the link below:

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Cost of Goods Sold: I own a sound business. We provide PA, mics, etc and a sound engineer. How do I account for the expense of paying a sound engineer? Is it considered Cost of Goods Sold?

If you pay the sound guy per gig, and you issue a 1099, then it is not COGS, it is an expense, the IRS calls it Non-Employee Compensation, but you can name it anything

You need to be real careful from the sounds of it. Independent contractor status is a hot […]

Resolution for 'Cost of Goods Sold issue: 'I own a sound business. We provide PA, mics, etc and a sound engineer. How do I account for the expense of paying a sound engineer? Is it considered Cost of Goods Sold?' available: Yes.

The Cost of Goods Sold 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 Cost of Goods Sold issue yourself by looking for a resolution described in the article. If it is a complex Cost of Goods Sold issue or you are unable to solve the issue, you may contact us by clicking here or by using other Cost of Goods Sold support options.

For more information about resolving issues related to Cost of Goods Sold in Quickbooks/QBO or to get support for the issue 'I own a sound business. We provide PA, mics, etc and a sound engineer. How do I account for the expense of paying a sound engineer? Is it considered Cost of Goods Sold?', click the link below:

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Cost of Goods Sold: How do I get Profit & Loss report including all expenses from all sources?

What you are describing is very unusual. Just to be sure on the procedure. You use the plus menu>expense, select the credit card in the payment method block, and in the account section you select an expense account and you enter the amount as a positive number.

If the above is […]

Resolution for 'Cost of Goods Sold issue: 'How do I get Profit & Loss report including all expenses from all sources?' available: Yes.

The Cost of Goods Sold 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 Cost of Goods Sold issue yourself by looking for a resolution described in the article. If it is a complex Cost of Goods Sold issue or you are unable to solve the issue, you may contact us by clicking here or by using other Cost of Goods Sold support options.

For more information about resolving issues related to Cost of Goods Sold in Quickbooks/QBO or to get support for the issue 'How do I get Profit & Loss report including all expenses from all sources?', click the link below:

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Cost of Goods Sold: can i have more than 1 cost of goods sold account for 1 inventory item?

No, there is one account per inventory item, one expense, one income, and one asset

There is no report that will give you P&L by line item

If you have QBO plus you can turn on locations or classes, in this case a location is probably a better choice, and tag transactions […]

Resolution for 'Cost of Goods Sold issue: 'can i have more than 1 cost of goods sold account for 1 inventory item?' available: Yes.

The Cost of Goods Sold 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 Cost of Goods Sold issue yourself by looking for a resolution described in the article. If it is a complex Cost of Goods Sold issue or you are unable to solve the issue, you may contact us by clicking here or by using other Cost of Goods Sold support options.

For more information about resolving issues related to Cost of Goods Sold in Quickbooks/QBO or to get support for the issue 'can i have more than 1 cost of goods sold account for 1 inventory item?', click the link below:

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Cost of Goods Sold: How to process Undeposited Funds using a clearing bank account and ‘writing checks’ against it?

“Use a single journal entry to clear it out.”

You NEVER use a JE for undeposited funds. That is a good way to Corrupt that self-reconciling account, in fact.

Resolution for 'Cost of Goods Sold issue: 'How to process Undeposited Funds using a clearing bank account and ‘writing checks’ against it?' available: Yes.

The Cost of Goods Sold 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 Cost of Goods Sold issue yourself by looking for a resolution described in the article. If it is a complex Cost of Goods Sold issue or you are unable to solve the issue, you may contact us by clicking here or by using other Cost of Goods Sold support options.

For more information about resolving issues related to Cost of Goods Sold in Quickbooks/QBO or to get support for the issue 'How to process Undeposited Funds using a clearing bank account and ‘writing checks’ against it?', click the link below:

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Cost of Goods Sold: Why don’t transactions (or even a register) appear when clicking on certain accounts in Chart of Accounts? All I get is an “Account QuickReport” with no data in it.

“Interestingly, it ignored all General Expense accounts except for Employer Taxes.”

If this is the data you changed to Liability, that is the error. You might want to re-read my earlier comments. Liability shows as Balance Sheet activity. P&L is only 1 of at least 3 reports you would run routinely, […]

Resolution for 'Cost of Goods Sold issue: 'Why don’t transactions (or even a register) appear when clicking on certain accounts in Chart of Accounts? All I get is an “Account QuickReport” with no data in it.' available: Yes.

The Cost of Goods Sold 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 Cost of Goods Sold issue yourself by looking for a resolution described in the article. If it is a complex Cost of Goods Sold issue or you are unable to solve the issue, you may contact us by clicking here or by using other Cost of Goods Sold support options.

For more information about resolving issues related to Cost of Goods Sold in Quickbooks/QBO or to get support for the issue 'Why don’t transactions (or even a register) appear when clicking on certain accounts in Chart of Accounts? All I get is an “Account QuickReport” with no data in it.', click the link below:

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