We are a custom manufacturer so we make new parts all the time. We create a new part and assign "guestimated" cost. Usually the cost ends up pretty close to the estimate so it really isn't a big deal. We recently made a part where the "guestimated cost" and price were switched around in the item card. We created an invoice for the part with the correct price (updating invoice), but the COGS number is way off. Is there any way I can fix this?
It doesn't happen often, but sometimes in our old system we have had to go in and adjust the COGS account for that invoice.
Hi there, joneill1186.
Thanks for posting in the Community. I'm here with some insight to provide on how to get this straightened out right away.
Just a heads up, QuickBooks uses Weighted Average Cost to determine the amount debited to COGS when you sold your items. You can check out this article for more information about this: Understand Inventory Assets and COGS tracking
If you need to adjust the debited amount, then you could make a General Journal Entry affecting the Inventory Asset account and COGS. However, please be sure to reach out to an accounting consultant to ensure this is the best suit for your business. With Intuit's Find-A-ProAdvisor site, you can search for certified professionals in proximity to your ZIP code that can discuss options more personal to your business's needs.
That should get you going in the right direction. Let me know if there's anything else I can help you with. Thanks again for reaching out, wishing you and your business all the best!