The main goal is to implement both Inventory and COGS on my financial reports. I'm new to QB and just uploaded and categorized all of my 2019 transactions. We manufacture and sell products.

I originally set each part and/or material as "COGS". However, after further reading it sounds like I should set those purchases as Inventory first, which i just finished doing.

In 2019 I used excel to track inventory and expenses so I know exactly how much inventory I have at year end as well as exactly how much the materials cost for each sale.

Is it possible to take the total Cost of Materials from each sale, aka my excel COGS and implement it into QB while subtracting that amount from QB inventory?

For example, in QB right now, all parts and materials are categorized as Inventory. That equals $14000.

The cost of goods sold from my excel equals $5000.

Can I add a transaction or something to QB and subtract $5000 from the $14000 in inventory so that the financial statements show at 2019 year end that $9000 is inventory and $5000 is COGS?

Thanks