QB Issue Resolution:

check the item screen

Inventory and assembly items have three accounts
expense = COGS
income = your sales income account
asset = inventory asset

see the pic

Resolution for Issue 'Sales entries properly debit COGS acct but rather than credit an inventory acct it credits Opening Equity Bal? I can’t find where to set the credit acct for COGS entries.' available: Yes (Solved).
Source: Intuit Community forum.

Sales entries properly debit COGS acct but rather than credit an inventory acct it credits Opening Equity Bal? I can’t find where to set the credit acct for COGS entries.: 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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