cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 2

Starting Inventory Values not Correct

Before hiring me, my client tried to handle inventory. Result: hundreds of inventory items entered into QBO inventory via a spreadsheet import; that is - they all have an Inventory Starting Value of whatever the quantity at the time was (usually one item, but sometimes more). The client didn't create purchase orders and link them to bills or checks to properly receive inventory. In the meantime, pretty much all items that were imported into QBO inventory have been sold. Is there a quick fix that I can make to accurately reflect the existing inventory, cost of goods sold, amounts owed to various vendors, etc? Or are things hopelessly out of whack?

2 Comments
Highlighted
Level 13

Starting Inventory Values not Correct

1. Export your current product list to XLS, fill the emty fields, and import them back to QBO. The template should be like this

NameTypeUnitPriceSKUQtyOnHandInvStartDateInvAssetAccountSalesDescriptionTaxablePurchaseDescriptionPurchaseCostIncomeAccountExpenseAccount
Gift CertificateNonInventory25    $50 Gift CertificateY$50 Gift Certificate15Product SalesPurchases
Music TitlesNonInventory20    Artist CDsYArtist CDs12.5Product SalesPurchases
HandheldsNonInventory100    Portable Game PlayerYPortable Game Player50Product SalesPurchases
SoftwareService59.95    1 Year WarrantyY1 Year Warranty32.5Product SalesPurchases

 

2. Prepare the data of your Open Purchase Order and import them in bulk

RefNumberAPAccountVendorPrintOnCheckNameTxnDateDueDateSalesTermPOStatusShipMethodNameClassAddressLine1AddressLine2AddressLine3AddressLine4AddressCityAddressStateAddressPostalCodeAddressCountryPrivateNoteCurrencyExchangeRateExpenseAccountExpenseDescExpenseAmountExpenseBillableStatusExpenseBillableEntityExpenseClassLineItemLineDescLineQtyLineUnitPriceLineAmountLineBillableStatusLineBillableEntityLineClass
101 Staples 15/05/202015/05/2020 OpenUPS 100 Houston StreetSuite 2000  San DiegoCA12345 Internal Use  Office SuppliesFor Anne25.1           
101 Staples 15/05/202015/05/2020 OpenUPS 100 Houston StreetSuite 2000  San DiegoCA12345 Internal Use  TelephonePhone Cards50.25           
101 Staples 15/05/202015/05/2020 OpenUPS 100 Houston StreetSuite 2000  San DiegoCA12345 Internal Use  Office FurnitueNew Chairs300.18           
185 Green's Taxi Service 15/05/2020 Net 30Closed  1 Main Street   San DiegoCA12345    Transportation 125.13           
201 Federal Express 15/05/2020 Net 30Open  PO Box 1800   DallasTX23456    Delivery Chargestracking number PR7 1HX25.15           

 

Utilize the 3rd party importer tool to speed up your work.

https://transactionpro.grsm.io/qbo

https://partners.saasant.com/affiliate/idevaffiliate.php?id=5051_2

 

Hope it helps.

Highlighted
Level 2

Starting Inventory Values not Correct

I'll try all of this - really appreciate your time and attention to detail with you answer! Once I go through this I'll let you know how it worked out --

Need to get in touch?

Contact us