QB Issue Resolution:
inventory is only in QBO+, if you have plus, then COGS will show up in the chart of accounts when you enable qty tracking (inventory) in company settings
Other wise as Malcolm stated you have to use periodic inventory if you have essentials
There are two ways to do periodic inventory, choose one and stick with it, you can not mix and match
1. (my preference) Create an asset account called purchases and post all purchases of item for resale to that account. Periodically, weekly, monthly, etc value the inventory on hand, subtract that value from the amount shown in the purchases account and do a journal entry for the answer to the subtraction
debit COGS for that value
credit purchases for that value
2. Post all purchases to COGS. Periodically, but at least at the end of the year, you value the inventory on hand and do a journal entry.
debit the asset purchases account for that value
credit COGS for that value
Print the P&L
then reverse the journal entry
debit COGS for that same value
credit the asset purchases account for that value
This last journal entry, moves the value of what was on hand at the end of year back to COGS so the cost will be counted against the new year sales.
Resolution for Issue 'What expense account do I enter my inventory purchases off my credit card? Also which category would you enter shipping charges/fees under? There is no cost of goods sold on my version of online quickbooks.' available: Yes (Solved).
Source: Intuit Community forum.
What expense account do I enter my inventory purchases off my credit card? Also which category would you enter shipping charges/fees under? There is no cost of goods sold on my version of online quickbooks.: 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 QBO
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