Hello there, BmcDowellSBC. I'm here to assist you in correcting your inventory and map it to the correct accounts in your QuickBooks Desktop.
Incorrectly mapped inventory accounts can be rectified by manually adjusting affected items for accurate financial reporting. QuickBooks Desktop offers the additional benefit of updating historical transactions within the impacted account. Here's how:
- Go to the Lists menu.
- Select Item List.
- Double-click the inventory item that you want to change.
- Choose the correct account in the COGS Account and Income Account drop-down menus.
- Hit OK and select Yes when asked to update the existing entries.
To ensure accuracy, you can consult a qualified accounting professional to be guided in choosing the right accounts.
In addition, I recommend contacting Eagle's support team to correct the mapping of your future inventory transfers.
You may refer to this article to learn more about tracking inventory, how QuickBooks handles inventory assets, average costs, and COGS: Understand inventory assets and cost of goods sold tracking.
Moreover, you can run and customize sales reports in QBDT to gain valuable insights into the items you buy and sell and the status of your inventory. This way, you can keep track of your overall sales for each product and stock.
If you have any further questions or concerns about inventory mapping to the correct account in QuickBooks Desktop, please do not hesitate to contact me. I'm always here to help you. Have a great day.
