Updating your chart of accounts is one way to organize your financial data, Lori. However, the ability to update the corresponding COGS and Income account for each item isn't available. Let me get into details about this.
If you are using QuickBooks Desktop Enterprise 2024, please note that it does not support batch updating in the chart of accounts. Therefore, you will need to update each item’s details manually. You can run an item listing report to update the items in the correct COGS account to maintain accurate records. Here's how:
- In the List tab.
- Go to the Item list.
- Locate the item, then double-click.
- In the "Purchase Information", go to COGS account, then click the dropdown arrow.
- Click Ok when finished.
On the other hand, If you're using QBDT Accountant or have added an accountant user to your company, you can perform batch updating. To learn how to create and manage user roles, please refer to this article: Add accountant user.
You can customize your item list to meet your business requirements and track all products and services accurately. It also allows you to fix errors or update information as needed.
Moreover, running reports regularly helps you track your business's progress over time, making it easier to spot trends and identify areas for improvement. It also enables you to concentrate on specific metrics or data that are important to your business, giving you a clearer understanding of what matters most.
Remember to customize your item list to fit your business needs and run regular reports to keep track of your progress and pinpoint areas for growth. If you have any further questions or need assistance with these processes, please feel free to reach out. I'm here to help!
