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The manager that runs my store added a case of stuff that are sold individually and made the base unit the case, the cost of the case she added as the average cost, etc.etc.... TOTALLY screwed my margins, COGS and then did a quantity adjustment!
I've seen other posts similar and from what I'm gathering, there's no fix for this, a QB F:ck up incapability. If I were to go to all the sales and reverse them, putting inventory back into assets, somehow revert the quantity adjustment, go back and fix (enter) the inventory item and then resell the product, thereby fixing the history that's calculated wrong. I thought if I could revert the revert, the items would refer back to the original customer , but that doesn't work. I tested part of this theory on my own sale,( not the item that needs to be fixed) which when I reverted, it refunded the cost as cash, I then resold it to myself as cash. Will this work if I revert all the customer receipts, fix the item and then as a one time cash sale, in bulk, resell the item that is now entered correctly?
I appreciate you for sharing the detailed info on your concern, @LJRSnowcat.
You may revert all the customer receipts, and fix the item. But before doing so, it would be best to consult an accountant. This way, we can ensure that your records are accurate and balance. They can also share additional ways on how to handle the inventory items that was incorrectly entered.
Fill me in if you have further questions about fixing iincorrect inventory items. I'll be around to help you. Keep safe!
Well, that didn't tell me anything....anybody else? If I resell the inventory after fixing the item, can I, should I try to sell the item back to the original purchaser as a cash sale and can I/should I predate the sale? Will this strategy resolve the issue? Please someone who has valuable input reply? Thanks
"They can also share additional ways on how to handle the inventory items that was incorrectly entered."
I see no additional methods that "they" can share.
Come on QB.
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