RE: GAAP Income Statement – Cost of Sales Section

I am trying to create a GAAP Income Statement.

Under Gross Profit there needs to be two sections:

  1. Revenue – only revenue accounts.  I created this with no issues.
  2. Cost of Sales – This needs to show COGS accounts plus an expense account.  The COGS and Expense accounts need to show under the same department that rolls up to Cost of Sales.

When I try to do this, it shows a zero balance even though the expense account has an amount, we will say $23,000.

How can I get this expense account amount to show?

JeffS Rookie Asked on September 11, 2019 in Reports.

Can you share your selection criteria for the cogs section? It’s plausible you have not quite gotten that right.

Additionally – I often find it helps to exclude the account from the other section it normally would show in.

on September 12, 2019.

I have the following:

Account Type = COGS

Account Type = Expense

Account Name = none of expense accounts.  I’ve excluded the expense account I want to see from this criteria.

 

When I view Account Order, all the accounts I want under this section shows.  If I put these section by itself, meaning not a child of any other section, the amount shows.  When I make it a child of Cost of Sales, the amount doesn’t show.

on September 12, 2019.

I just tried excluding the expense account from the other sections and that appears to work 🙂

on September 12, 2019.
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1 Answers

Isn’t the out-of-the-box Income Statement “GAAP”?

Otherwise there is no reason why the account would not show its balance. Are you sure you ran it with a correct date range to pick up the balance? Did you add filters to your report that would exclude the balance?

Advanced Answered on September 12, 2019.

The out of box Income Statement does not have it based on department and also doesn’t have an expense account that is related to COGS under that section.

on September 12, 2019.

The out-of-box Income Statement is not GAAP and a majority of Accountants require it to be customized.

 

on September 12, 2019.
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