I am new to POS and use Quickbooks for financial accounting. I have always entered inventory as COGS however with POS the software has established purchased inventory as an asset. My bookkeeper states this is typical in accrual accounting and inventory as COGS would be cash based accounting. I have read various opinions where both methods are the authors preferred choice. Can I use POS with Quickbooks and instruct the software to place inventory as COGS rather than inventory assets. Expert opinions from those you have tried this are appreciated.
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