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I'm here to help you sort this out, @jmadden. This way, you're able to correct the Inventory Asset account's amount and apply the entire invoice payment to it in QuickBooks Desktop (QBDT).
The items in your invoice may be using different inventory accounts or some of them aren't assigned to Inventory Asset. This is why the entire invoice amount isn't applied to the appropriate one accordingly.
With this, I'd recommend reviewing the items that are on the entire invoice. You'll have to make sure they are using the Inventory Asset as their inventory account. To do this, here's how:
- Go to the Lists menu.
- Select Item List.
- Find the inventory item. Then, right-click and select Edit Item.
- In the Edit Item window, go to the Asset Account section and update as necessary.
- Click OK.
Also, QuickBooks uses the weighted average cost to determine the value of your inventory and the amount debited to COGS when you sell them. To learn more about how you can handle the inventory asset accounts in QBDT, I'd recommend checking out this article: Understand stock assets and cost of goods sold tracking.
Let me know in the comments if you have other concerns about managing your invoices, payments, and inventory accounts in QBDT. I'm always ready to help. Take care, and I wish you continued success, @jmadden.
