I am setting up my restaurant on quickbooks online. I am categorizing bank transactions. If I have a transaction from a supermarket or vendor for raw food that will be cooked and sold, how do I categorize that transaction. The default was meals/entertainment and that is obviously not correct for this situation.
Food for the restaurant would go to an Inventory Asset account and then to Cost of Goods Sold account when you sell it. How you do this depends on what you use to track inventory and what you use as a point of sale system.
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