New year and when I look at profits and losses, I see that I only have $9.95 in cost of Goods.

geekdad

It should be thousands. I guess that I assumed that I would get to this, but I kept up with my invoicing and business, but could never figure out why when I enter an item for sale on my invoice why there is not a category for cost of item, I just entered the selling price. How do I reconcile this? Where is the category, cost of goods? Why is it not on the page for item description? I used an invoicing app before that had it right there and I could see my profit margins for items added. Granted most of what I do is service that for this it is unnecessary.

JulianP

Hey there @geekdad !

Do you have a specific date range selected on your Profit and Loss report? Your report will only include data within the selected date range.

To clarify, invoice transactions need to be categorized as Payment Received for an Invoice in Wave > the invoice in question to correctly bookkeep your invoices and mark them as "Paid".

Regarding your product and services, upon creation you are required to select an income/expense account depending on if you buy or sell the product/service. Your product and services will fall under these accounts when viewing your reports. If you'd like to edit them, please head over to Sales > Product and Services and press the pen icon.

However, to apply the changes to your product and services on existing invoices/bills, you will need to manually remove each item line and re-add it so the appropriate account is used for reporting purposes.

If the account you want to select doesn't exist, you can create it by heading over to your Accounting > Chart of Accounts page.

For more information, I attached some handy Help Center articles that may help below:

• How to add a product or service

• Understanding your chart of accounts

• How to read a profit & loss statement

• Invoice like a pro