How to Set COGS in QuickBooks?

How to Set COGS in QuickBooks?

Cost of goods sold, or COGS, tracks all costs associated with the goods you sell, so you can accurately calculate gross profit.

How to Set COGS in QuickBooks?

1. First you open Quickbooks Account

2. Then you click on "Lists" on the menu, and then click on "Chart of Accounts" option.

3. In the window that opens after clicking "Chart of Accounts", click on the "Account" menu item, and then click "New" to open the Add New Account window.

4. You then select the "Other Account Types" radio button, click on "Cost of Goods Sold" from the drop-down list, and then click on the "Continue" option.

5. If you use account numbering, type a chart of account numbers in the "Number" text box.

6. You then type a name in the Account name text box, and then select a currency from the "Currency" drop-down menu.

7. Fill in the remaining discretionary text values ​​as needed in the Optional section on the window. Click the "Save & Close" button to save your new account.