QB Issue Resolution:
you have to have QBO plus to track inventory – do you have that version?
Inventory is an asset, it has a cost
inventory is an item/product and not an account
when you sell the inventory item, the cost posts to COGS (an expense) and the sales price posts to Income
if you do not have QBO+ then you have to track inventory as periodic inventory, which involves journal entries you enter manually to move the cost of the inventory sold to COGS
debit COGS
credit the inventory account (current asset type)
Resolution for Issue 'How do I link inventory account to Sales account?' available: Yes (Solved).
Source: Intuit Community forum.
How do I link inventory account to Sales account?: 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.
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