Can you assist on an item that was not assigned a COG and was sold for a bit. How can I assign a cost to these closed sales?

Yes, I can assist you in managing your item that was sold in QuickBooks Online, dan-s-goodtimesi. I'll also ensure you can properly organize this in the program so that you can appropriately track your product and services in your sales reports.

Please note that when you set up your first inventory item in your Inventory List, the program automatically adds two accounts to your company file's Chart of Accounts. These are:

• 12100 - Inventory Asset - Other Current Asset
• 50000 - Cost of Goods Sold (COGS) - Cost of Goods Sold

Inventory COGS is affected when you sell inventory items on invoices or sales receipts. When you sell an item, you'll see the Inventory/COGS entries which credit the Inventory Asset account and debit the COGS accounts in the Transaction Journal Report. If you sell inventory that doesn't have stocks, you can push the next bills, checks, or credit card charges to adjust the Inventory Asset account and the COGS account. The amount on each side of the Inventory/COGS transaction is Number of Items Sold x Average Cost of Item. With this, if you're referring to allocating a COGS to the item that has been tied to closed transactions manually, this process isn't needed.

You may refer to this article to see further details on how COGS works in the program: Understand inventory assets and cost of goods sold tracking.

If you mean to assign a cost to an item that has previously been used in a closed entry, you can do so by opening the item and entering the particular cost. Please keep in mind that the adjustments will only apply to future transactions, as inventory items maintain quantities on hand using FIFO.

However, you have the option to choose the Also update this account in historical transactions checkbox in the item's details window. This is only available to service or non-inventory items. Then, the update affects all transactions including prior ones that use the item. 

Then, here's how to assign a cost to a specific item to reflect it in your closed sales:

1. Click the Gear icon at the upper right corner.
2. Choose Products and services.
3. Locate the item and click Edit to see the informaiton window.
4. Go to the Purchasing information section. Then, enter a cost.
5. Click Save and close.

In case you need steps on how to delete a product or service item that you no longer use, you can read this article: Add product and service items to QuickBooks Online.

Come back to this post if you have other concerns or follow-up questions about managing items in QBO. I'll be around to provide further assistance, dan-s-goodtimesi. Have a good day!