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Inventory Asset and Cost of Goods Sold (COGS) show a zero dollar amount on reports

When using an Inventory part on sales forms (Sales Receipts or Invoices), you may notice that the Inventory Asset account and Cost of Goods Sold accounts are not being affected.

Before continuing, ensure that the issue is not caused by negative inventory.

For example, if you make a sales receipt with an Inventory Part item on it then run a Transaction Journal (CTRL + Y), there are no amounts for COGS and Inventory Asset.

Why this is happening

The item may be damaged.

How to fix it

  1. Make sure you have a backup of the company file.
  2. Merge the affected item into a new item.
    1. From the Lists menu, select Item List.
    2. Double-click the affected item and take note of  information like the accounts it uses, sales price, cogs account, etc.
    3. Close out of the item detail screen and go back to the item list.
    4. Create a new item, matching exactly what you have for the old one but add a 2 at the end of the name, so it is identical except for the name.
    5. Go back to the affected item and double click to edit it. Add a 2 at the end of its name so it matches the item created in step d.
    6. QuickBooks will ask if you want to merge the item into the new one, click Yes.
    7. After merging the items, edit the name so it is back to the original name.
  3. Create a Sales Receipt or Invoice now to see if the correct accounts are being debited/credited.
KB ID# SLN43054
4/30/2017 7:46:10 AM
QYPPRDQBKSWS03 9138 Pro 2017 e9af4d