Costs of Goods Sold and Procurement

Introduction 

Online stores only hold a product's unit price because online stores only create orders for customers. As the business owner, you must create a purchase order and a bill in QuickBooks to purchase goods to sell.

Cost of Goods Sold

You must enter the cost of goods sold on a per product basis:

  1. On the top right of QuickBooks Online, click the gear and select products and services.
  2. Double click a product and enter the purchase cost and expense account: 
  3. In QuickBooks, go to vendors and select a vendor.
  4. Click new transaction > purchase order.
  5. Add your item to the PO and seen in this image.

 

Your profit and loss report's cost of goods sold account will increase, after making this transaction.

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