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Join nowThanks for posting to the Community, @fcchemical2217-g.
Currently, we're unable to enter a specific cost of goods sold account as default in the vendor file. Please know that I appreciate your input on this feature.
The Cost of Goods Sold (COGS) is the default account added to your chart of accounts the first time you add an inventory item. QuickBooks uses this account to track how much you paid for goods and materials that were held in inventory and then sold.
If you want to set up another COGS account, you can follow these steps:
For additional resources, the following articles provide an overview of how to add an account and which category type to utilize.
Drop me a comment below if you have any other questions. I'll be more than happy to help. Wishing you a good one.
We need the ability to use COG or other types of accounts for vendors. Restricting it to only expense accounts is very frustrating, and the same issue doesn't exist in QBD.
Hello there, LaughingYeti.
It seems that you've posted a similar concern, and my colleague has already added a response. If you haven't been notified of the new reply, here's the link: https://quickbooks.intuit.com/learn-support/en-us/account-management/re-vendor-default-expense-accou...
If you have other QuickBooks-related concerns, feel free to get back and comment on them below. I'll be happy to answer them for you.
@fcchemical2217-g @LaughingYeti
COGS can be selected as the default expense category - it's at the bottom of the list under the default expense category in the vendor profile. From an accounting standpoint, COGS should not really be a default account as COGS is an account posted to after inventory is sold, not when recording a vendor expense. However, that reinforces @LaughingYeti 's point that QBO should allow the default expense category to be an asset account such as inventory, primarily for users that don't use QBO for inventory items.
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