Incorrect COGS in QuickBooks sometimes it gives , When you pull P&L (Profit & Loss) report. Even if you have the accurate amounts for the item lists, there can be a significant discrepancy in the cost of goods sold in QuickBooks, such as negative COGS, or it may not be there in the reports. In this perplexing situation, you might think that where this information is being pulled in the report. It becomes more intimidating when your reports start reflecting the loss when it is not the scenario. In this blog, we will try to fix the QuickBooks cost of goods sold incorrect issue with some of the most effective troubleshooting procedures. Let’s proceed.
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Incorrect COGS in QuickBooks Desktop: Possible Causes
For several reasons, your Cost of Goods Sold (COGS) amount doesn’t match with that calculated in QuickBooks Desktop POS. Below is the list-
- Incorrect cost entered for the Items received
- When you miss to set up the cost for an item and enter it after the sale
- It can be the wrong COGS account, QuickBooks Desktop POS is using to pull the data
- When you purchase items in bulk and sell them one at a time.
- Accidental deletion of the transactions recorded in QuickBooks Desktop POS
How to Fix Incorrect COGS Report in QuickBooks Desktop?
Below are the solutions that can help you to adjust incorrect COGS in QuickBooks.
Solution 1: Confirm That the Cost Input Is Correct At the Time of the Sale
follow the below-listed steps after verify sold items-
- Select Item Name column header and match it with the Ext Cost column. If any item has a 0.00 dollar amount or an incorrect amount, then jot the names of such items and then move to the next step.
- Select Inventory then Item List
- Take one item at a time and click Edit
- Items sold from the History report and multiply it with the cost of an item
- Now go to QuickBooks Desktop and create a journal entry that debits Inventory asset and credits Cost of Goods Sold for this amount.
If there is no item having a 0.00 dollar amount, then use the next procedure to adjust incorrect COGS in QuickBooks.
Solution 2: Verify That Correct COGS Account Is Set Up For Items & Preferences
If the costs of goods sold in QuickBooks are reflected incorrect, then you need to verify that the correct COGS account is selected for each listed item. If not, then you need to click the Item List and then choose the correct COGS account for the item. You can transfer the amount to the right COGS account by creating a new journal entry in QuickBooks Desktop. If the QuickBooks COGS incorrect issue persists, then move to the next solution.
Solution 3: Remove the Modifications Causing Error in COGS Amount
Open QuickBooks Desktop POS and check the faulty adjustments, not reflecting in the POS.
- Select Inventory and then Quantity Adjustment History
- Right-click on any column header and select Customize Columns
- In the select column list, add Diff Cost and then select Save
- Jot the incorrect amount from the Diff Cost column and erroneous quantity adjustments
- To check the modified entry, double-click the entry and select I want to > View Financial History > Open in QuickBooks
- Select Inventory and then Cost Adjustment History
- You may repeat the same procedure to check the Cost Adjustments
- You may reverse the erroneous modification by selecting, I want to > Reverse Memo from Qty adjustment or Cost adjustment history.
How To Enter Cost Of Goods Sole In QuickBooks Without Getting Irregular Reports? Get Professional Assistance!
The QuickBooks COGS incorrect issue can be perceived as the sum of various actions you make while recording the costs of goods in QuickBooks Desktop. To fix incorrect COGS in QuickBooks, you will need to perform different solutions described in this post. However, due to some technical unease or missing steps, you may not be able to get the right amount for the QuickBooks COGS account. When you dial our QuickBooks error support number 1.800.417.5147, an expert QB technician will assist you with any and all issues related to the QuickBooks COGS incorrect error.