Splitting up cost of sale and reveniew
My question is, when invoicing parts and materials used on the job it goes against, cost of sale, but how do I manage my profit percentage I put on top of my materials? Say a power point is $10 and I charge it out as $13 how do I split these prices and allocate them to the appropriate section while invoicing? and still leaving the total amount on the invoice for the price of the power point?
When setting up inventory items in QuickBooks Online, you need to make sure that you enter the cost of the item (what you paid) and the sales price(what your customers pay). When you create an invoice, QuickBooks will debit cost of sales for the cost times the quantity sold and it will also calculate your revenue and profit for you behind the scenes.
Check out our How to setup and track inventory video tutorial to see how to do this step by step:https://fitsmallbusiness.com/set-up-track-inventory-in-quickbooks-online/
All the Best-
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