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Krownlab
Level 1

Changing COGS and Asset Accounts of an assembly and individual item

I have items and assemblies that were created and inventory managed in QB's.  However, when they were created, the Income, COGS, and Asset accounts associated with these items are connected to the parent account or the wrong account all together.  Unfortunately we have had transactions take place on these items and assemblies.  If I go in and change the Income, COGS, and Asset Accounts on an item or assembly will it change the historical data for that item or assembly?  I don't want to change the account the item or assembly is associated with and have it change previous year's P&L and Balance Sheets.

1 Comment 1
Krownlab
Level 1

Changing COGS and Asset Accounts of an assembly and individual item

Hey,

 

Thanks for the input.  I am not too worried about affecting future transactions because it would actually make our books more accurate and we wouldn't have to do journal entries to fix the errors that are currently going on because the wrong accounts were selected while creating an assembly or item. 

 

However, we utilize usage reports out of QB's to manage our inventory and purchasing.  If I change an item's COGS and Asset account, will I lose the usage data for that item?  

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