Luckily, you cannot delete account in new QuickBooks Online. You can make it inactive only.
To make it active again:
- Go the Chart of Accounts (Company Gear (upper right corner) > Lists > Chart of Accounts
- Include Active checkbox (see attached screenshot photo for reference)
- Chart of Accounts page will refresh itself
- Scroll down the page and look for “Cost of Good Sold (deleted)”
- Highlight it (click once, not double click)
- Select “Edit” button
- New Account page will open
- Remove the check mark from the “Inactive” box at the bottom left corner of the Account page
Note: Now, you will also need to DELETE (make it inactive) another Cost of Goods Sold account you created
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