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:
- Revenue – only revenue accounts. I created this with no issues.
- 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?
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?