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Item setup issues causing overstated or understated income

Item setup issues can cause overstated or understated income in reports (such as the Profit & Loss or sales reports).
 
If items were bought and sold, but only an income account is selected in the items, the amount of income on reports in QuickBooks will be incorrect.
How to fix it
To find the item that is setup incorrectly:
  1. From the Lists menu, select Item List.
  2. Right-click anywhere in the list.
  3. Click Customize Columns...
  4. Select COGS Account.
  5. Click Add >.
  6. Select COGS Account by clicking it once.
  7. Click Move Up until COGS Account is directly under Account.
  8. Click OK.
  9. Compare the Account column in the Item List to the COGS Account column; if the COGS Account is blank or has an income account listed, this item is setup incorrectly.
To correct the item setup (with the option of retroactively correcting past transactions that used this item):
  1. Double-click the item that is setup incorrectly.
  2. Select This item is used in assemblies or is purchased for a specific customer:job (if it is not already selected)
  3. Select an accurate expense or COGS account in the COGS Account or Expense Account field.
  4. Click OK.
  5. A message will be displayed that prompts you to update previous transactions or not - select the option that is best for you
KB ID# SLN42511
12/7/2016 2:08:45 PM
PPRDQSSWS407 9138 Pro 2017 f3fd63