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COGS Problems
I decided to check out our income statement last week and noticed that our COGS was slightly higher than our total sales for the month. Big red flag right off the bat! :eek:
Upon closer inspection, we have a number of accounting problems, most of which we can't explain, or don't know how to fix.
Looking at the inventory profitability report, I found some items we had sold that were showing NO total revenue (giving us a gross profit % of 0); other items were showing NO total cost (giving us a gross profit % of 100); a few items are showing a negative gross profit, which can't be accurate as we don't sell below our costs; and finally there is an issue where the total revenue for a few items was recognized in one month, with the total costs recognized in another month. :mad: