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welsharmer-gmail
October 9, 2022
Question

Cant find COGS in chart of accounts

  • October 9, 2022
  • 1 reply
  • 0 views
I only have the option for Cost of Sales in my chart of accounts. What's up? Do I need to change the chart of accounts template somehow? Start a new company? I don't have the option to select from COGS in the account type drop down menu under Chart of Accounts. Any idea how to rectify this is simply, quickly as possible?

1 reply

J
jamespaul
October 9, 2022

Hello, welsharmer.

 

We don't have to create a new template nor start a new company to see the Cost of Goods Sold account. So, I'll clarify some details about the Cost of Sales account option. 

 

The Cost of Sales account is the same as the Cost of Goods Sold account. Both track the cost of an item or a service when sold to customers. It's just that the language terminology is different. 

 

The language used on different QuickBooks Online regions or countries may differ from one another. For example, the US version uses Cost of Goods Sold while some other versions like the Singapore version uses Cost of Sales. Though, how they track the cost and how they reflect the data on reports remain the same. 

 

By default, there's already a Cost of Sales account in the Chart of Accounts. If you prefer to create another one, we have the option to name it as "Cost of Goods Sold" and use it on your items or services. 

 

Need more help in managing your accounts in your Chart of Accounts? I'll share a couple of these articles if you need help: 

 

 

If you'd like to learn more about running reports after entering your records, I'm sure you'll find this article helpful: Run reports in QuickBooks Online. 

 

Would you like some assistance in managing your other accounts? Or do you have any other concerns regarding your entries? Let me know and I'll gladly help you out again. 

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