Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Connect with and learn from others in the QuickBooks Community.
Join nowHi
I am new to QuickBooks online. I am trying to set up a new Supplier default account Cost of Goods Sold but i only get Expenses in the dropdown menu. How to i sort this please as most of purchases of costs of goods sold. It's for a grocery shop.
Thanks
Solved! Go to Solution.
Hi ZMBooks.
Let me share more details about the supplier account.
We can only select Expenses and Other Expense account types as the supplier default account. I'd like to reiterate what JessT mentioned. QuickBooks Online will automatically calculate your cost of goods sold once you set up and track your inventory in QuickBooks Online.
For now, you'll want to manually select your desired account/category when creating a bill or expense transaction.
Need more help? Just keep your posts coming. Thanks!
Welcome and thank you for choosing QuickBooks Online (QBO), ZMBooks!
I will guide you to create a Cost of Goods Sold account.
If you have inventory items, you can enable to Inventory tracking feature, and this will automatically create a Cost of Goods Sold account. This feature is only available in the QBO Plus and Advanced plans.
To add another cost of goods sold account:
You can assign the new COGS account to your product items.
On the other hand, you can check the video tutorials for your reference in the future.
If you have other questions in mind, you can always go back to this thread.
HI Many thanks for your reply re Cost of Sales. So I presume I cannot add Cost of Sales as a default expense account when i add a new supplier?
So when i'm entering a bill it would be great if the Category would automaticallty come up as Cost of Sales. Is this possible please? Thank you.
Hi ZMBooks.
Let me share more details about the supplier account.
We can only select Expenses and Other Expense account types as the supplier default account. I'd like to reiterate what JessT mentioned. QuickBooks Online will automatically calculate your cost of goods sold once you set up and track your inventory in QuickBooks Online.
For now, you'll want to manually select your desired account/category when creating a bill or expense transaction.
Need more help? Just keep your posts coming. Thanks!
Ok that's good to know. Many thanks.
I'm glad to see you were able to receive the assistance you needed here in the Community, ZMBooks. Please don't hesitate to reach back out if you need a hand with anything else. Myself and the rest of the Community have your back.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.