Thank you @Rustler. I did some further research here on the forums into the topic, as i realize that fundamentally I'm struggling to grasp the differences between accounting inventory purchases as either an asset or COGS. I found several other threads where your replies were very helpful.
(like this one)
I am just starting my retail business, and chose not to purchase QB with inventory tracking because the POS system I use (lightspeed) has very strong inventory mgmt capabilities. I was beginning to think I will be forced to upgrade my QB, but it sounds like as long as my POS enters sales accurately, I can get by.
This post was quite helpful --(which by the way I am mostly recording for my own reference later! -- or in the case that someone else with a retail shop is wondering the same thing)
thanks again.
