Hello, Alfred Guirgis.
Allow me to dive in and share information about COGS in QuickBooks Online. Costs of Goods Sold (COGS), tracks all of the costs associated with the items you sell, which allows you to calculate gross profits accurately.
COGS accounts also give the total underlying costs on your Profit & Loss reports. In QuickBooks, you create new accounts through the Chart of Accounts (COA).
You then assign the necessary inventory items to these accounts so that you can accurately track what you have in stock, and know exactly how much you've spent and earned with it.
Though, I still suggest reaching out with your accountant to give you a snapshot of the exact account that would be assigned to prevent any discrepancy in your book.
To learn more and understand the workflow of Chart of account in QuickBooks, you can refer to this article: Understand the chart of accounts in QuickBooks.
However, for option 3, Projects help track income, expenses, profitability, and organize all job-related information in the account in one place. You can create projects for multiple customers and add certain transactions such as estimates, invoices, expenses, bills, purchase orders, or time.
On the other hand, class and location tracking monitors income, expenses, and reports for different segments or locations of the business.
For more information about these features, check out the following articles:
Lastly, you can also reach out to Shopify to guide on ways of syncing your data.
As always, feel free to let me know if you have other questions about QuickBooks Online. I'd be happy to help. Have a great day, and be safe always!
