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acetire
Level 1

Product tree, item lists, chart of accounts

When creating a set of products/services, should I create product lines on the cart of accounts as sub-set accounts of "COGS"? Or is one COGS account sufficient, along with creating product lines on the front end under items?

I hope this question makes sense.  -_-

1 Comment 1
JoesemM
Moderator

Product tree, item lists, chart of accounts

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:

 

  1. Go to Lists at the top menu, then select Chart of Accounts.
  2. Select the Account drop-down at the bottom, then choose New to create a new account.
  3. Select an account type, then Continue.
  4. Enter the account details.
    1. Select the Subaccount of checkbox if it's a child account.
    2. From the drop-down, choose the parent account.
  5. 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.

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