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Hello, @HitchCovers23.
Normally, the Cost of Good Sold (COGS) is only affected when you sell inventory items on invoices or sales receipts. That being said, you don't need to split the COGS manually so that the $9500 of the $14500 will go to your inventory and the remaining $5000 is for COGS.
All you need to do is switch the report (Profit and Loss) to either the cash or accrual method of accounting. If you're on a cash accounting report, it'll calculate COGS base on the amount of purchase. By the time you record an invoice for the sold item from the invoice, it'll now reflect COGS in the accrual accounting report.
I've added these screenshots for your visual reference.
To learn more about the accounting reports in QuickBooks Online, read these articles:
- Choose between cash and accrual accounting methods in reports
- Common QuickBooks inventory accounting mistakes
Let me know if you have any other questions. I'm always here to help. Have a good day!
