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I'm trying to correct our inventory as well as our COGS accounts, I'm having trouble with mapping them to the correct accounts. Our Ballance sheet and profit and loss reports are mapped wrong.
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:
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.
What exactly is mapped wrong? The journal entry you attached shows COGS expenses with a corresponding reduction in inventory, just as you'd expect when selling product from inventory. Are you expecting something different?
Hey,
COGS is on my P&L, and inventory is on my Ballance sheet. The way it is now it makes my B/S negative and my P&L positive. I'm new to all of this, and have no prior training, it was just put on my desk to fix. Should i have 2 entries, I think I am missing a step somewhere.
Thank you for your reply
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