Thanks for checking in with us, Merhill770. 

We can set up Cost of Good Sold as an account in Chart of Accounts instead of an item in Products and Services. First, create an account to track your inventory value: 

1. Go to the Gear icon at the top, then Chart of Accounts.
2. Select New.
3. Choose Current assets from the Account Type drop-down.
4. Select Other current assets from the Detail Type drop-down.
5. Press Save and Close.

Then, create an account to track your cost of goods sold. I'll show you how below:

1. Go to the Gear icon at the top, then Chart of Accounts.
2. Tap the + New Plus icon. 
3. Choose Cost of Goods Sold from the Account Type drop-down.
4. Select the closest type of Cost of Goods Sold that matches your situation from the Detail Type drop-down. If you're not sure, use Other Costs of Service - COS.
5. Press Save and Close.

To learn more about this one, check out this article: Can I track inventory manually in QuickBooks Online?. If you're trying to set up a COGS account for an inventory item, then you can add it under the Expense account. To do this, create an item by following the steps below:

1. Go to Sales and choose Products and Services.
2. Click New.
3. Select your preferred Product/Service information.
4. Fill in the necessary information and make sure to choose COGS under the Expense account.
5. Click Save and close.

For more tips and other resources, you may visit our page in managing your business in QuickBooks: QuickBooks Online Self-help articles.

I'll be right here to continue helping if you have any other concerns or questions about QuickBooks. Assistance is just a post away. You have a good one.