Need to hire a QB Expert asap

Hi there, @lm-environmental.

I'd like to move forward to give some idea of how to set up the cost of good in your chart of accounts in QuickBooks Online.

The cost of Good Sold is set up in the Chart of Accounts as an account rather than an item under Products and Services. I'd be glad to walk you through the procedure for configuring this.

First, create an account to track your inventory value. Follow these steps below:

1. Go to the Gear icon at the top, then Chart of Accounts.
2. Select New.
3. Choose Current assets from the Account Type drop-down.
4. Select Other current assets from the Detail Type drop-down.
5. Click Save and Close.

Then, create an account to track your cost of goods sold. I'll show you how below:

1. Go to the Gear icon at the top, then Chart of Accounts.
2. Select + New.
3. Choose Cost of Goods Sold from the Account Type drop-down.
4. Select the closest type of Cost of Goods Sold that matches your situation from the Detail Type drop-down. If you're not sure, use Other Costs of Service - COS.
5. Click Save and Close.

Furthermore, COGS is calculated once an invoice or sales memo is sent. This article explains how QBO determines COGS in more detail:  Cost of goods sold: How to calculate and record COGS.

You can add an inventory item under the Expense account if you're setting up a COGS account for it. Create an item as directed below to accomplish this:

1. Go to Sales and choose Products and Services.

2. Click New.

3. Select your preferred Product/Service information.

4. Fill in the necessary information and make sure to choose COGS under the Expense account.

5. Click Save and close.

In addition, find out how to see your best-selling items, what's in stock, how much things cost, and check the status of your inventory. Want to learn more? A brief video tutorial is also available in this article: Use reports to see your sales and inventory status.

You can also see a quick overview of your business in financial reports. Numerous reports exist that provide information about various facets of your business. Some pay attention to your spending, some to sales, and some to aspects of each. Check out this article for your guide: Run reports in QuickBooks Online.

Hit the Reply button if you still need further assistance with your inventory items. I'll be around the circle. Enjoy your day ahead.