To do this task
(Optional) Enter a brief description of the item in the Description on Purchase Transactions field. Keep in mind that this is the item description your vendors will see.
Note: What you enter in the Description on Purchase Transactions, Cost, and Preferred Vendor fields will appear by default whenever you add this item to a purchase form. If you need to, you can change any of this default information when you're filling out the form.
(Optional) In the Cost field, enter either the last amount you paid for this item or the amount you expect to pay when you next buy it.
Note: If you've set a default markup percentage, you have to enter a cost if you want QuickBooks to automatically calculate the sales price.
The Cost of Goods Sold account is preselected in the COGS Account field. You can choose a different account if you want to.
(Optional) Click the Preferred Vendor drop-down list and choose the vendor you usually buy this item from. The preferred vendor appears on the Stock Status by Item report and on the Physical Inventory Worksheet.