QB Issue Resolution:

Edit any inventory item to see Three Accounts:

Asset, bottom left, for where it flows from Purchases.

COGS, middle left, from Sales. Asset value reduced flows to COGS, because it got sold.

Sales Revenue, middle right, for your Income event.

Open the Items List, right Click, choose Customize Columns. Bring the three Accounts into your view. Are yours Right or Wrong? You can edit and Fix anything that is Wrong, and let QB “move existing data.”

Please see my attachment.

Resolution for Issue 'Why is my inventory showing as Sales (income) on my p&L statement? It is not revenue.' available: Yes (Solved).
Source: Intuit Community forum.

Why is my inventory showing as Sales (income) on my p&L statement? It is not revenue.: this 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 issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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