We’re here to help you add some more tools to your tool belt with today’s handy Tips and Tricks: Cost of Goods in QuickBooks and Point of Sale.
Sometimes when you are doing your accounting, you realize that your Cost of Goods Sold in QuickBooks doesn’t accurately reflect sales in Point of Sale. Here are some possible reasons why this could be happening, and a link to some solutions to fix the problem.
Why it is happening:
- Items have an incorrect cost entered or were received at an incorrect cost
- Items had a cost entered after a sale was made
- Point of Sale isn’t pointed to the correct QuickBooks COGS account
- There are adjustments to the QuickBooks COGS account that won’t be reflected in Point of Sale
- Transactions sent to QuickBooks from Point of Sale have been deleted
- The receipt was marked as sent to QuickBooks before the financial exchange could actually send it
- You have purchased and received inventory in bulk and then sold it as individual component items
How to solve the problem:
Here is the link for how to solve the problems listed above: http://support.quickbooks.intuit.com/support/articles/SLN40406
We feel that Solution 2 is the most likely solution for most of our clients, but if that doesn’t work, take a look at the other solutions as well.
If you need any other help, feel free to give us a call at 844-4QBOOKS. (844) 472-6657.