QB Issue Resolution:
I’m here to provide some insight about entering expenses as Cost of Goods Sold (COGS) in QuickBooks.
Ideally, the appropriate way to record COGS in QuickBooks is to create either a Bill (Accounts Payable) or Check to receive items, then issue an invoice once you’ve sold them. However, since you don’t want it to show as a bill or a check, then you may enter them via a Journal Entry.
Allow me to walk you through the steps on how to create an entry in QuickBooks:
- Click the Company menu, then select Make General Journal Entries.
- Enter the Date and the appropriate journal entry details.
– On the first and second line, select the appropriate account from the Account drop-down. Also, make sure to enter the correct amounts in the Debit and Credit columns. The total in each column should be equal.
- Click Save & Close.
The following article provides further guidance on this: Record a journal entry
Just a heads up, this method can impact your books and you may wish to seek additional guidance from an accounting professional. Every business is unique and they can make suggestions on how to handle this. If you’re not affiliated with one, then our Intuit Find-A-ProAdvisor site can help you to find certified professionals in your area.
That should do it! You’ll be all set with your Cost of Goods Sold and Profit and Loss report after you follow these steps.
Resolution for Issue 'Expenses already accrued' available: Yes (Solved).
Source: Intuit Community forum.
Expenses already accrued: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for Accounts Payable
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