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Elena StClair
October 4, 2024
Question

Can I add an account to my chart of Accounts as Cost of Goods sold? It seems like my drop down options for Account type are incomplete.

  • October 4, 2024
  • 1 reply
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When adding a new account to my chart of accounts my drop down options for account type seems to be incomplete.   I don't have the options for Cost of Goods sold or Bank.   These are the options I have; 
Accounts receivable (A/R)
Current assets
Cash and cash equivalents
Fixed assets
Non-current assets
Accounts payable (A/P)
Credit card
Current liabilities
Non-current liabilities
Owner's equity
Income
Other income
Cost of sales
Expenses
Other expense

When I have watched tutortial videos there is more options available that don't appear for me.  Is there something I need to change in my settings?

1 reply

Bryan_M
Bryan_M
October 4, 2024

Thank you for posting your Chart of Accounts (COA) concern here, Elena. I appreciate you for sharing the Account Types that show on your end and for watching the tutorial to achieve your goal.

 

Please know that changing your settings to show the Cost of Good Sold (COGS) and Bank in the Account Type section isn't necessary. I'll provide a thorough explanation below.

 

The Account Type you shared isn't incomplete. The COGS account is known as the Cost of Sales, while the Bank is Cash and Cash Equivalents.

 

The terminologies matter based on the region of your account. The COGS and Bank terms are used for a United States (US) account. Then, the Cost of Sales and Cash and Cash Equivalents are utilized in the Rest of the World (ROW) account.

 

I'll also add this article to help you learn why it's important to set up your COA in QuickBooks Online (QBO) correctly: Learn about the chart of accounts in QuickBooks Online.

 

You may want to learn how to organised your COA by assigning numbers. Check out this article: Use account numbers in your chart of accounts in QuickBooks Online.

 

Feel free to return here if you have additional questions about managing your COA. We'll be willing to help. Keep safe, and have a good one.

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