I have a question about COGs expense

siska72 · ‎May 15, 2023

I have a customer that was taken over the restaurant recently.

He paid the stock expense stored in the refrigerator to the previous owner.

The stock is the food ingredients for cooking.

Usually, I put this expense into COGs whenever they spend the money on groceries.

But I don't know where to put this initial expense for food ingredients.

If I just put it in COGs, the cost for this month will be too high. Would it be okay?

Please help me.

Leah

Trish_T · ‎May 15, 2023

Hi siska72,

Thanks for reaching out here. Welcome Back! It's important that you're on the right track with recording your expenses and cost of goods sold, in QuickBooks Online. I'd be happy to provide some insight here!

To track inventory items successfully, I recommend following this link, to understand inventory assets and cost of goods sold, in QuickBooks Online. However, if you're still uncertain, I suggest speaking with an accounting professional for their expertise and best course of action. If you don't have an accountant, we can help you locate a ProAdvisor in your local area.

Should you have any other questions, please feel free to reach out again. We'd be glad to help!

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