We’re here to help you add some more tools to your tool belt with today’s handy How To: Assign Cost of Goods Sold, Income, or Asset Accounts in Point of Sale.
Note: Please check with your accountant or bookkeeper before doing this, to ensure that you are assigning your products to the correct accounts.
- From the Point of Sale Home Screen, select the [ITEM LIST] button.
- Select the item you wish to assign to a COGS, income, or asset account.
- Click [EDIT].
- In the QuickBooks Options section, you will see three drop-down menus for COGS, Income, and Asset. Note: QuickBooks Point of Sale and QuickBooks financial must be linked before these three account options will appear. If the item is a “Group” item, you will not be able to assign COGS, Income, or Asset accounts – the individual parts that make up the Group Item will dictate the COGS, Income, and Asset accounts automatically.
- Select the COGS drop-down, and choose the appropriate account for this item to report to in QuickBooks.
- Select the Income drop-down, and choose the appropriate account for this item to report to in QuickBooks.
- Select the Asset drop-down, and choose the appropriate account for this item to report to in QuickBooks.
- If you are changing/checking all of your items, select [SAVE & NEXT]. If you are done, select [SAVE].
If you would like to see a video of all of the above information, watch the video below. If you have trouble viewing the video below, try this link: CHANGE OR ASSIGN COGS INCOME AND ASSET ACCOUNTS IN POS
As always, if you have any questions, or need help with this process, feel free to give us a call at 844-4-QBOOKS. (844) 472-6657. To get all of our great how to articles and videos delivered to your inbox, make sure to subscribe to our blog (on the right-hand side of this page).