How do I track cost of good sold?

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Introduction

To show increase your cost of goods sold and decrease the value of inventory, your products must have a value. You must create a bill in QB to receive inventory.

Can I just add a purchase cost to QuickBooks for items?

The purchase cost is a default value, when you create a PO or bill in QuickBooks. Unless you have added a bill, the inventory value is zero.

When Cloud Cart adds items, why is the stock quantity zero?

Cloud Cart never receives the stock quantity, when it pushes orders to QB. If Cloud Cart create a new product with a stock quantity of five, the five items would have no value because no bill was created.

What if I am missing several weeks of cost of goods sold?

Your Accountant can perform an opening balance, which says this is your cost of goods sold at the current time and value of your inventory.

How do I add cost of goods sold to QuickBooks?

You must create a bill. Here are the steps:

  1. In QB, click vendors on the left.
  2. Select an existing vendor or add a new one.
  3. On the top right, select new and click bill.
  4. Click item details.
  5. Add some items, the quantity received, and a purchase cost.
  6. Click save.

Next make some sales:

  1. In QB, click customers.
  2. Select a customer.
  3. Select new and create a new sales receipt.
  4. Add line items for the product.
  5. Click save.

View your profit and loss report:

  1. In QB, go to reports.
  2. Click profit and loss.

Here is an example report.

Can Cloud Cart Create Bills?

Some solutions that we integration can sync purchases to QB. They include LightSpeed and Linnworks. If you want our tool to create bills for each sales receipt with the purchase cost, please contact us. Our tool could create bills under a default vendor, since QB has no preferred vendor field for the items.

 

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