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Level 1

Default cost of sales account to a supplier

Hi, I'm setting up a client on QB, previously on Sage.  It is a service business, and some of the suppliers are Cost of Sale rather than expense. however in the supplier information it seems that  only expense accounts can be selected as default. Is there any way around this?

 

Many thanks

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Best answer a month ago

Accepted Solutions
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QuickBooks Team

Default cost of sales account to a supplier

Hi there, @AllyAB.

 

The option to select the Cost of Sales account in the supplier’s information is unavailable. This is usually used for products/services to track the cost of raw goods and items.

 

As a workaround, you can set up your suppliers as an item to track the Cost of Sales account. Before doing so, I would suggest consulting with an accountant if this workaround you'll be using for the product/ services.

 

Here's how to add the item:

 

  1. Click the Gear icon, then select Products and Services.
  2. Hit the New button, then choose Inventory.
  3. Enter the name of the item, quantity, and date.
  4. In the Inventory asset account drop-down, select the account that matches your home currency.
  5. Choose the appropriate Income and Expense account from the drop-down.
  6. Click Save and close.

 

Just in case, you can check out these articles to know how to edit an inventory quantity adjustment and track inventory manually: Add, edit, and delete items.

 

I appreciate your time today. Please know that I've got your back if you need help with QuickBooks.

View solution in original post

2 REPLIES 2
Highlighted
QuickBooks Team

Default cost of sales account to a supplier

Hi there, @AllyAB.

 

The option to select the Cost of Sales account in the supplier’s information is unavailable. This is usually used for products/services to track the cost of raw goods and items.

 

As a workaround, you can set up your suppliers as an item to track the Cost of Sales account. Before doing so, I would suggest consulting with an accountant if this workaround you'll be using for the product/ services.

 

Here's how to add the item:

 

  1. Click the Gear icon, then select Products and Services.
  2. Hit the New button, then choose Inventory.
  3. Enter the name of the item, quantity, and date.
  4. In the Inventory asset account drop-down, select the account that matches your home currency.
  5. Choose the appropriate Income and Expense account from the drop-down.
  6. Click Save and close.

 

Just in case, you can check out these articles to know how to edit an inventory quantity adjustment and track inventory manually: Add, edit, and delete items.

 

I appreciate your time today. Please know that I've got your back if you need help with QuickBooks.

View solution in original post

Highlighted
Level 1

Default cost of sales account to a supplier

thanks so much!

Ally