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Anonymous
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Thanks for posting your question in the Community, @Anonymous.

 

I'd be glad to help provide some clarification about inventory tracking and how QuickBooks handles inventory assets and COGS.

 

When setting up your first inventory item in the inventory list, QuickBooks automatically adds two accounts to your company file's Chart of Accounts. 

  • Inventory Asset- Other Current Asset 
  • Cost of Goods Sold(COGS)

Recording a purchase in QuickBooks will show as COGS in the P&L report and Inventory Asset in the Balance Sheet. Let me route you this helpful article for more information: How to set up Inventory and tracking.

 

 

Let me know if you have additional questions about inventory tracking. I'm here to help however I can.

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