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Laura Harkness
Level 1

Inventory costs

My client just setup their inventory in Quickbooks for the first time.  They have over 200 items.  But when they loaded in the cost of the item, they forgot to take into account the discount that the supplier gave them at the time of the purchase.  So in other words, they loaded in the suppliers list price of each item as the cost for each item.  They are using the Averaging of COGS method.  Is there a way to just record the total of the discount as a lump sum in COGS without having to go in and change the cost on over 200 items?  If so, can they do this after every purchase in the future and should they set up a COGS subaccount called Discounts?  Need to fix this ASAP.  Thank you so much for your help.

3 Comments
MadelynC
QuickBooks Team

Inventory costs

Hey there, @Laura Harkness.

 

With the Add/Edit Multiple List Entries feature in QuickBooks Desktop, you can modify multiple items on a list all at once. 

 

Here’s how:

 

  1. Go to the List menu.
  2. Choose Add/Edit Multiple List Entries.
  3. Select Inventory under the List.
  4. Update the amount under the Cost section.
  5. Click Save Changes.

You can also enter your inventory data into an Excel spreadsheet, then copy and paste it into the cost column.

 

For additional information about changing multiple items in QBDT, please refer to this article: Import or export MS Excel files.

 

I’ll be here anytime you need help. Wishing you all the best!

Laura Harkness
Level 1

Inventory costs

Thank you Madelyn but I want to know if changing the price on every item is really necessary in order to record the discount they received.  It is a non-profit and paying for time is an issue to them.  Can I just do an JE to record the discount in the Inventory Asset account to reflect the true value of the inventory (which includes the discount)?

MadelynC
QuickBooks Team

Inventory costs

You’re most welcome, @Laura Harkness.

 

You can create a journal entry in QuickBooks to record the adjustment. However, it won't tie up to each inventory item thus directly reflects in the Inventory Asset account.


Let me share this article for additional information about tracking inventory: Understand inventory assets and the cost of goods sold.


I also added an article for future reference about setting up an inventory adjustment account: Adjust your inventory quantity or value in QuickBooks Desktop.


If there's anything else I can do for you, please let me know. I'd be happy to further assist you. Have a great day.

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