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When would I add a Cost of Goods Sold account?

The first time you add an inventory item, QuickBooks creates a Cost of Goods Sold account for you.

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In addition to adding Cost of Goods Sold accounts to track the cost of materials, labor, shipping, freight, delivery, and subcontractors, you might add them to track:

  • Equipment rentals
  • Overnight mail
  • Court costs (for an attorney's office)
  • Blue prints (for an architect)
  • Purchases made on behalf of a customer (such as furnishings bought by an interior designer or auto parts bought by a mechanic)

See also

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