Hello there, @acetire.
You can set up one COGS account in the Chart of Accounts if you're using Inventory in QuickBooks. Let me show you how:
- Go to Lists at the top menu, then select Chart of Accounts.
- Select the Account drop-down at the bottom, then choose New to create a new account.
- Select an account type, then Continue.
- Enter the account details.
- Select the Subaccount of checkbox if it's a child account.
- From the drop-down, choose the parent account.
- Select Save & Close.
For more detailed instructions with setting up an account from your chart of accounts, please refer to this article: Create, edit, or delete account in QuickBooks Desktop.
Also, I recommend getting in touch with an accountant to ensure this would work for you.
I've added these articles that will guide you about chart of accounts and inventory in QuickBooks:
If there's anything else that you need help with, just let me know. I'd be more than happy to assist you further. Take care and have a great day ahead.