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:
- On the top right of QuickBooks Online, click the gear and select products and services.
- Double click a product and enter the purchase cost and expense account:
- In QuickBooks, go to vendors and select a vendor.
- Click new transaction > purchase order.
- 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.